A Financially Deglobalized Era

    March 26, 2024

    Since the early 1980s, the global economy has rejoiced in a long period of significant cooperation among nations in supporting each other’s government financing needs. However, given…

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    A Macro Shift at Hand

    February 28, 2024

    Valuation extremes combined with macro inflection signals provide generational opportunities to position opposite the crowd for potentially large gains. At Crescat, we live for such times. We…

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    Buy Low, Sell High

    January 14, 2024

    The current macro environment across global equity markets presents a sharply divided investment setup for 2024 and the remainder of the decade. While our concerns are fueled…

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    A Profusion of Recession Indicators

    November 26, 2023

    A Profusion of Recession Indicators Despite the growing popularity of the soft-landing narrative, the current scenario presents a multitude of macro factors forewarning a major recession. The dangerous…

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    Something More Has to Give

    October 30, 2023

    Investors in US Treasury bonds have experienced extraordinary losses in the post-Covid stimulus era as evidenced by the iShares 20+ Year Treasury Bond ETF (Ticker: TLT) which…

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    Redefining 60/40 Portfolios

    September 16, 2023

    We believe conventional investment strategies are poised to undergo a significant restructuring, placing a prominent emphasis on investments in hard assets. As illustrated in the accompanying chart,…

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    Violent Repricing

    August 23, 2023

    There is a high probability of a recession in the next twelve months according to the NY Fed’s statistically significant yield-curve inversion model. One wouldn’t know it…

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    Monetary vs. Fiscal Dissonance

    July 21, 2023

    Monetary and fiscal authorities are currently running what we believe are unsustainably divergent policies. The simultaneous rise in the cost of debt by central banks and their…

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    Three Overriding Macro Themes

    June 24, 2023

    Dear Investors: At Crescat, we have three overriding, high-conviction macro themes supported by our independent research and proprietary models that we believe are poised to unfold in rapid…

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    Whistling Past the Graveyard

    April 26, 2023

    US policymakers continue to act as if they have the stability of the financial system, the economy, and consumer prices under control. Instead, their ongoing deficit spending…

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    Loosely Tight Conditions

    February 24, 2023

    The last 12 months have marked one of the steepest Fed rate-hiking cycles in history. Meanwhile, financial conditions remain too loose for secular inflationary forces but too…

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    Mispriced Inflation

    January 22, 2023

    In our view, inflation is the most mispriced macro variable in markets today. CPI growth is 5.1% higher over the last two years, but five-year forward inflation…

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