February Research Letter

Crescat Capital Crescat News and Updates

The Fed is Trapped Dear Investors: The year is just getting started and the US fiscal deficit already reached another record, now at its worst level in 70 years. The Fed is facing its worst predicament yet. The current fiscal spending path will lead to record Treasury issuance this year. Foreign investors are unlikely to be the ones funding this …

Crescat December Performance Update

Crescat Capital Crescat News and Updates

January 9, 2021 Dear Investors: The Great Rotation It is time to gird for full Modern Monetary Theory. With the democratic sweep in place, we are about to experience even more of the double-barreled fiscal and monetary stimulus that we saw in 2020. Overwhelmingly today, such policies have served to incite animal spirits toward financial assets. Investors are already positioned, …

December Research Letter

Crescat Capital Crescat News and Updates

December 23, 2020 The End Game Dear Investors: Markets are cyclical. Today, stocks trade at record high valuations while commodities are historically undervalued in relation. The setup is in place for a macro pivot in the relative performance of these two asset classes. Comparable conditions were present with the 1972 Nifty Fifty and 2000 Dotcom bubbles as we show in …