Inflation is a very interesting, important, and constantly evolving topic. I wrote several articles on inflation this year. This article is an update to previous articles I have written on this topic; the framework I described in the original articles

We just finished our VALUEx Vail conference. It was a superspreader of ideas –but not the virus. Forty value investors came from four countries; 38 were vaccinated, one took and passed a COVID test the day of the conference

“At least a billion people on earth at this moment who would consider their prayers answered if they could trade places with you.” – Sam Harris

We need to recognize that inflation in the long-term is a probability but not a certainty. Macroeconomics is a voodoo science; it appropriately belongs in the liberal arts department.

Over the last six months we have skewed our portfolio more towards defense companies. We have done this intentionally. The world appears less safe today than at any time since the Berlin Wall came down.

The S & P 500 struck 33 new "All Time High" (ATH) levels in 2020, a year that also saw a major market value melt down in March and significant volatility throughout. This year began

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