War, Inflation and Market Signals
“It is God’s way to bring the lofty low.”─ Herodotus, Histories 7.10eThe ancient Greek historian Herodotus placed that warning in the mouth of Artabanus, as he tried to restrain King Xerxes before the Persian invasion of Greece. The Persian empire Herodotus...
2026 Market Outlook: Deglobalization, Debasement, and De-dollarization
“Paper money always eventually returnsto its intrinsic value – zero.”─ VoltaireVoltaire’s axiom about paper money, while true, is less relevant during periods where government spending is disciplined, government debt levels are reasonable, and a country’s...
Understanding the Forces Behind Gold’s Historic Surge
“[Gold] could easily go to $5,000, $10,000 in environments like this. This is one of the few times in my life where it’s semi-rational to have some in your portfolio.”─ Jamie Dimon, JPMorgan Chase CEO, 10/15/25With the gold price touching $4,250/ounce as we write this...
Why the U.S. Dollar Is Falling Under Trump’s Second Term
“Our currency is too strong and it’s killing us.”─ President Donald J. TrumpUpon the election of Donald Trump as President in November 2024, the U.S. dollar soared in value relative to most currencies. Much like U.S. equity investors, currency traders perceived...