The Year That Will Be 2022

What’s worrying you this year?
How many hikes will we get from the Fed? How long can growth outperform value? When will the next Covid variant hit the economy? When will the bitcoin bubble burst? When will we see tax hikes? Just how bad will inflation be?

These are all lovely questions. Unfortunately they’re all the wrong ones. They are predicated on a collective delusion that we are in a normal economic cycle, albeit one where asset valuations have been driven up by a surplus of liquidity.

This makes us frame the world using the wrong . . .

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