Paul Volcker is A False God

“I’d compare stock pickers to astrologers but I don’t want to bad mouth astrologers.”

– Eugene Fama

RESEARCH

Clocktower Group – False Narratives Will Cost You Money (29 pages)

Market narratives, inflation, the dollar rally, and why Paul Volcker is a false God.

Counterpoint Global – New Business Boom and Bust (12 pages)

The pattern of innovation, industry dynamics, and the interaction between financial and technology markets.

Sequoia – Adapting to Endure (52 pages)

A presentation to founders discussing the challenges and opportunities amid the current market environment that covers macro, public markets, and some thoughts on navigating adverse conditions.

BONUS CONTENT

 Drew Dickson on the need to stay in the game. Link

 Derek Thompson on the end of the millennial lifestyle subsidy. Link

 Ian Bremmer on why the war in Ukraine puts 280 million people at risk of hunger. Link

 Frederik Gieschen on why you shouldn’t tie yourself to certain beliefs. Link

 Morgan Housel on the importance of finding a strategy you can stick with over the long-run. Link

 Bridgewater’s Karen Karniol-Tambour on why she believes the market hasn’t priced in a decline in corporate profits yet. Link

SPONSORED BY CAMBRIA FUNDS:

Today’s email is brought to you by Cambria Funds, an ETF issuer providing investors with global market exposure and low-cost, quantitative-driven strategies.

Cambria’s mission is to offer differentiated strategies to help investors preserve and grow wealth with strategies spanning from global asset allocation, value, and even tail risk hedging.

Learn more today by visiting Cambriafunds.com.

Disclaimer: Investing involves risk, including possible loss of capital. Cambria ETF’s are distributed by ALPS Distributors Inc.

PODCASTS

Jim Chanos on Why Some of the Worst Hit Parts of the Market Still Have More Pain Ahead[6/16/22 – 58 minutes]Apple | Spotify | Google

Legendary short-seller Jim Chanos discusses the current state of the markets, why he still sees short opportunities in fintech, the risk of higher rates, and his issues with both private equity and crypto today.

From The Episode:“by February of 2021 for a couple week period, SPACs were raising, new SPACs were raising on average 3 billion in cash every night. And that was equal to the US savings rate. So for a brief period of time SPACs were taking the entire US savings rate”

Peter Atwater — Global Macro Series[6/15/22 – 78 minutes]Apple | Spotify | Google

William & Mary professor Peter Atwater discusses socioeconomics, the relationship between interest rates and confidence in the Fed, and how social mood impacts markets and the economy.

From The Episode:“I think what those on the left and the right are so overlooking is that the real battle isn’t the political ideology left and right, it’s more up and down. And how does that divide become resolved?”

Dr. Anas Alhajji: There Is No Escaping The Coming Energy Crisis[6/16/22–92 minutes]Apple | Spotify | Google

From 13:15 – 1:08:00, world-renowned energy markets expert Dr. Alhajji discusses the geopolitical implications of the energy crisis and his thoughts on investing in the energy market today.

From The Episode:“We don’t often have the best instincts about what will make us happy. The things that we want to do in life are not necessarily the things we’re really going to enjoy, or like, or that will give us a meaningful life.”

Good investing,

The Idea Farm Team

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