Market Commentary

CPI Update

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I’m currently on a train which is why today’s CPI report is late. I also think the previous 9-10 page commentary was helpful when I started writing it every month, but is no longer serving us well. The CPI report does matter, but it’s not driving markets like it did in ’22, ’23, and ’24. … Read more

The Strait of Hormuz Reverse Uno Card

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When Raji Khabbaz and I were running Silver Arrow Investment Management, whenever we were trying to figure out why something happened, he was unsatisfied the explanation that people are sometimes stupid and institutions are often stupid. He correctly thought that people usually have a good reason (at least to them) for doing something even if … Read more

CPI Bullet Points

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As noted earlier, there won’t be a long 10 page CPI analysis this month. Your bullet points: – CPI of 3.3% was below the 3.4% expected and far above last month’s 2.4%. – Core CPI of 2.6% was below the 2.7% expected and above last month’s 2.5%. – All items CPI was up 0.9% m/m … Read more

CPI Report Will be Delayed

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Hi All, Due to travel plans and this month’s CPI report being moved to Friday, I will not be in a position to do the full CPI report writeup today. I’ll be able to read the report and relay to you anything different from expectations or that affects the portfolio, but the usual 10 page … Read more

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