The Importance of Natural Resources

Dumberg: This is the first inflationary pulse that is occurring at a time when we have hyper interconectivity on social media. And inflation expectations are a key driver of inflation, at least historically. But most worryingly for us is that many of the social mediar properties that can affect our expectations are controlled by foreign actors who don't like us. Think tiktok. There will eventually be a rebirth and reinvigorate the human spirit - i would say in nominal terms it is early to see this happening. We're very bullish for the stock market but not particularly bullish about economic activity from air or sea. The whole game is try to predict what happens next