AI Snips
Chapters
Transcript
Episode notes
CPI Is A Constructed Measure
- CPI is a constructed basket estimating average American daily expenses and drives Fed policy.
- Measurement choices like substitution and quality adjustments create disconnects with everyday inflation.
CPI Adjustments Can Mask Reality
- CPI adjustments use substitution and quality changes that can understate consumer pain.
- Everyday and life-costs like healthcare and education remain inflationary despite reported disinflation in other categories.
Fund Idea Grew Before 2020 Shock
- Horizon Kinetics worried about fiat debasement well before 2020 and built hard-asset portfolios over years.
- The 2020 money printing accelerated their inflation thesis and crystallized the Inflation Beneficiary ETF idea.