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the  forest  for  the  trees

 

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Two things that caught my attention this week, 2/24/19:

  • MacroVoices interview – if haven’t listened to it, would encourage it.  Key = “True interest expense” (Gross Int Exp + Entitlements) will likely be >100% of US tax receipts in <24 mths.  US fiscal pressures & therefore Fed balance sheet expansion much closer than most think. 
  • Buffett – fascinating to watch him bash gold (again), & then a few sentences later, paradoxically make a strong bull case for gold by lamenting "...how difficult it has been for Buffett to put $ to work as fast as BRK accumulates it".  What he says by saying this is that “the world is awash with credit (USDs) backed by ever diminishing collateral” (quote fr Tom Brammar)

Get to know Mr. X in my new book, The Mr. X Interviews Vol. I  - available here:  https://amzn.to/2V64pDb.

Any questions that you have from this episode will be answered on next week’s LIVE Periscope.

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Luke Gromen, CFA
Forest for the Trees

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