Agip no, as I said I would btfd in a heartbeat.
For me it’s about finding out what might work in the future, and why. On inflation, never mind the various measures and hedonics, substitution, seasonality, etc, maybe listen to people like Summers and the IMF, who tell you the same thing I am saying, much to Yellen’s disapproval. And Summers is a self-described progressive.
As far as markets and liquidity go, although the money supply has contracted in the very recent past, over the past 10 years it has exploded.
And as far as gdp goes, the government now spends something like $2 to get a $1 increase in gdp. That’s an awesome roi.
It increasingly seems to me that everything can be characterized as an “inflation hedge”, the equity markets included. In fact, the US markets might be the best of the bunch, better than foreign markets, gold, bonds, etc.
I am not abandoning the markets, I am just trying to distill them to their essence, to remove noise from the signal. To me, these policy-derived macro forces are the fundamentals, not business activities. Ours is a mature (maybe overly-mature) market, and at this stage of its life, different things matter fundamentally than mattered in 1950 or 1980.