The US Budget deficit for 2020 is estimated at $3.3B, which is 50% of its projected expenditures. This is scary in the context of Bernholz’ observation that all major hyperinflations “have all been caused by the financing of huge public budget deficits”.(https://twitter.com/TuurDemeester)
10% yield on a 2-year debt. But the principal and interest will be in the Brazilian Reals.
The CEOs that went big were the ones that showed more signs of narcissistic behaviour. And while the study measured narcissism in different ways all of which had similar outcomes, one easy way to measure it is to listen to the CEOs during earnings calls (or rather, analyse the transcripts of these calls). Narcissistic CEOs use more personal pronouns that point to them like ‘I’, ‘my’, ‘mine’ than personal pronouns that point to a group or other people. The higher this ratio of first person personal pronouns to all personal pronouns is, the more likely it is that a CEO will try to engage in dumb outsized acquisitions that will lead to lower shareholder value.https://klementoninvesting.substack.com/p/hold-my-beer
I have, for a very short duration worked under this personality and I totally subscribe to the article
Signs of life in US Breakeven (inflation) yields as they finally react to surging energy prices. No reaction in gold despite the accompanying drop in real yields. https://twitter.com/Ole_S_Hansen
