I am thrilled to announce the first day of trading of the Discipline Fund ETF on the New York Stock Exchange under the ticker DSCF. Discipline Funds is a new [ … ]
New 3 Minute Money – Why Do Banks Need Deposits?
I often talk about the importance of understanding banking and the relationship between inside money and outside money. And a common theme in this topic is that the money multiplier [ … ]
*New* White Paper – All Duration Investing
I’m excited to share a new research paper with you all. It’s the first one I’ve published in 6 years and it’s one of the few things I’ve written that [ … ]
Inflation Debates – YoY vs MoM
A surprisingly controversial debate broke out in recent days when Joe Biden said there was no inflation. He was referring to the month over month reading which showed a slight [ … ]
Three Things I Think I Think
Here are some things I think I am thinking about: 1) Inflation has peaked. This morning’s CPI report is more evidence that disinflation is going to become a more prolonged [ … ]
Is the USA in a Recession?
New episode of Three Minute Money here. Is the USA in a recession? While the media has traditionally referred to a recession as 2 quarters of negative GDP the White [ … ]
Three Things I Think I Think – What is a Recession?
1) Are we in a recession?
2) The housing downturn is only just beginning.
3) Is the Fed pivoting to easing?
Three Things I Think I Think – Some Things Never Die
Here are some things I think I am thinking about: 1) The Money Multiplier Lives! Longtime readers are probably very tired of watching me try (unsuccessfully) to kill the money [ … ]
New 3 Minute Money Episode – The Money Multiplier Myth
Here’s a new Three Minute Money episode. We’re still cranking through some basics, but this one needs reiterating because the money multiplier seems to be immortal. Ideas like “fractional reserve [ … ]
The Risk of Deflation is now Greater than the Risk of Prolonged High Inflation
The most recent headline CPI came in at 9.1% so it might seem odd to think that the risk of disinflation and deflation is rising. But while the CPI is [ … ]