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Cash Is King During Fed's Hawkish Warpath, Says Former $20 Billion Fund Manager
Forward Guidance
The Importance of Positive Real Rates
The front end of the real yield curve in the US is minus one and a half percent on average. That is despite nominal yields already pricing in terminar rated 4%. It's negative because inflation expectations are higher than that for an hour, five percent at the front end. The only few things we want to own is dollar cash. But guys, a cycle is a cycle. And I'm here to try and read it, communicate it, teach it for little like and teach, and keep ourself not to lose our purchasing powers too much.
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