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The Paradigm Shift in Portfolio Construction
Inflation is becoming a really important component. We have a problem with cash, fixed income and credit because they are effectively short inflation as inflation goes up then forget about CPI. The federal reserve is going to intervene long-term interest rates through yield curve control so that's why I have the very contrarian view that you will see inflation and zero interest rates in the long end this is completely the opposite of what the market's saying today.