Navigating Asset Correlations and Deficits

This chapter examines the impact of increasing U.S. deficits on asset classes like gold and equities, focusing on how rising money supply affects asset prices. It highlights the complexities of asset correlations, especially during market stress, and introduces the acronym UDES to describe these behaviors. The discussion includes practical advice for building uncorrelated portfolios and emphasizes the importance of understanding underlying macroeconomic drivers in investment strategies.

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