Perhaps the biggest debate in the markets today is regarding the prospect of inflation. Will the massive fiscal stimulus and money printing of the past year or so, paired with shifting trends in global trade and demographics, result in a secular shift in the disinflationary paradigm we have seen for the past 40 years? To try to answer this question and to better understand how to protect one’s finances should inflation rear its ugly head again, I reached out to James Davolos, co-portfolio manager of the Horizon Kinetics Inflation Beneficiaries ETF (INFL). In this conversation, James shares his framework for approaching the issue of inflation. He also discusses the merits of not only bringing a value-based equity focus to the problem but also of taking an asset-light approach to the process. We also tackle the risks to the broader equity market posed by all of this. Below are several links and notes related to this episode:
- Learn more about the Horizon Kinetics Inflation Beneficiaries ETF (INFL)
- Check out Horizon Kinetics’ latest research at HorizonKinetics.com
- Read Horizon Kinetics’ latest quarterly market comment
- Read Murray Stahl’s latest edition of Murray’s Musings
- Listen to my earlier conversation with Horizon Kinetics’ Steven Bregman
- Read Warren Buffett’s 1980 Letter to the Shareholders of Berkshire Hathaway (via Michael Burry)
