Arnott & Harvey share why they don’t think inflation has peaked, why the Fed isn’t equipped to curb inflation, and what areas of the market look attractive today.

From The Episode:“I believe that the Fed is constrained today, way more than the early 1980s. Because in the early 1980s, the debt to GDP was about 34%. And today, it’s over 100%. So as the Fed increases the rates, it increases the debt service cost in a way that is magnified by a factor of four compared to the early 1980s.”

Prof. Ludovic Phalippou: Private Equity, Under the Hood[7/21/22 — 56 minutes]Apple | Spotify | Google

Professor Phalippou discusses the intricacies of private equity, the difficulties in evaluating managers, and calculating actual fees and returns.

From The Episode:In the last 12 years, one-third of buyouts were in software alone.

Carried interest wormhole[8/12/22 – 26 minutes]Apple | Spotify | Google

Great look into the history of carried interest and how the tax loophole seems to always survive tax reform.

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