The Importance of Investing in a Deflationary Environment

Shorting the market does not necessarily mean doom and gloom in the way that it once did. In 2022, stocks went down and bonds went down and inflation went up. That's what it was like in the 1970s. We think demand is going to be better than people expect. If inflation re-accelerates or is higher than interest rates are going to remain higher, businesses will experience more of a margin compression. A lot of this is not good for stocks, even if it's good for employment and the money in individual people's pockets.

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