2022 was the worst year ever for investors…once you adjust for inflation.

The crash in stocks and bonds was caused by a policy mistake. Central banks thought they could print money without causing inflation. Then they ignored the inflation they created. And in 2022 their panicked interest rate increases crashed financial markets.

Today, transitory inflation is back with yet another supply chain crisis.

What will central bankers do this time? Will it be as bad as 2022?

Find out in this video.

Until next time,


Nick Hubble
Editor at Large

PS One of the themes running through this issue is the danger of misunderstanding what’s really driving events. The Fed may be misreading inflation. Markets may be misreading the Iran crisis. And according to Jim Rickards, investors may be misreading AI. That’s why I recommend watching his latest briefing. It raises a question that few investors seem willing to ask right now: what if the technology is real, but the investment story isn’t?