Inflation is always caused by an imbalance between supply and demand. And that imbalance is almost always due to the actions of government bodies. (Well, we think it’s almost always, but we are not certain.) The oil market is a great example. A tight supply situation was exacerbated by Russia’s invasion of Ukraine. Prior to...Read More

Geopolitical events, especially wars, bring incredible destruction to those directly involved, and unfortunately, the impact will be felt for many years or decades. For global investment markets, though, the empirical evidence suggests that the impact may be short-lived. The investment bank, Mizuho, has published a look back at the larger military events since WWII with...Read More

Inflation is on everyone’s mind and energy pricing has been a significant contributor. We have been discussing our concern that inflation has taken on a more structural ‘feel’ versus being transitory from the pandemic re-opening process. Supporting this argument is the impact from an aggressive move to renewable energy as demonstrated by Germany. The graphic...Read More