It's Been Too Long - Is That the Right Way to Think?

Inflation has been this mackerel regime change, catalist a. Most of the institutional guys i talk to say they believe the fed, that it really is transitory and they don't think that we have a new secular inflation. Long, secular growth, expensive, high multiple equities are equivalent to long in a ten year, 30 year treasury, typed dynamic. It created this us. Exceptionalism trade. All of these dynamics really ehave crowded us into trades that were proxies of the same thing. We'll be focusing most of to day's interview on the first two charts, but i recommend perusing the remainder of the short deck at your convenience.