Andrew Lapthorne - Thematic Baskets and Strong Balance Sheets (S4E13)
Flirting with Models
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How Do You Approach Inflation Risk?
We're at a juncture now where fiscal policy is increasingy using the magic money tree, or modern monetary theory. It's very rare to see a stock market move for so long solely on valuation change. So i find it ar wee talking about inflation risk, or we're talking about the interaction of inflation risk forcing a change in interest rate policy earlier than people expect. Or may be just an interest rate policy which is entirely incompatible with quality stocks trading on 25 times. And just as we could derate equity because bonds become attractive - that would push people out of equities. I think one of my preferred charts is just looking at real yield on a global portfolio. If you've got
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