Forward Guidance Why Today’s Economy Serves Assets, Not Workers | Harris Kupperman
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Dec 19, 2025 
Harris Kupperman, an entrepreneur and hedge fund manager known for his contrarian macro views, shares insights on how today's economy is favoring asset holders over workers. He dives into concepts like 'economic feudalism' and the detrimental policy choices fueling this trend. Kupperman discusses wage growth dynamics and the concentration of capital in tech giants, while warning of an impending political revolution. He also explores investment strategies during these challenging times, highlighting opportunities in hard assets and emerging markets.
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Economy Run For Asset Prices
- Harris Kupperman argues policymakers have chosen to run the economy for asset prices rather than wage growth, creating an asset-owning class that prospers.
- That choice caused policymakers to kill a broad recovery when asset owners panicked in 2022 to protect valuations.
Two Economies, One Policy
- Kupperman describes two Americas: booming coastal asset-centric sectors and the left-behind middle of the country reliant on wages.
- When wage growth returned, asset owners pressured the Fed to tighten and extinguish that recovery.
Reported CPI Versus Real Prices
- Official inflation measures understate everyday price increases felt by businesses and consumers.
- Kupperman warns many people know they're worse off despite low reported CPI numbers.