If there is not radical reduction of government expenditures, then, just like an individual who has taken on too much debt, America will become de facto bankrupt.
The interest on the debt is trending to rapidly absorb all tax revenue, leaving nothing for critical needs.
Herewith our latest Quarterly Commentary (One-Page Version) for September 2024. We lean heavily on Crescat Capital again, whose views align directly with our own. The Bear Case for the US Dollar, inflation, US valuations, Nvidia's outrageous P/B and gold are all touched on. Very happy to delve deeper into these insights - feel free to get in touch!
Good Morning! Attached our one-page version of our December 2024 Quarterly Commentary. As you can see, positive on a lot of different sectors/regions. You can view our full commentary at https://t.co/kj8lRIhKmu