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Mauldin Economics, Millennium Wave Investments
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Each week, well over a million readers turn to John Mauldin to better understand Wall Street, global markets, and the drivers of the world economy. And for good reason. John is a noted financial expert, a New York Times best-selling author, a pioneering online commentator, and the publisher of one ...more

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The Economy Is A-Changin’
Change is constant, in the economy and everything else. We talk about it often. Yet when we talk about the economy changing, we usually mean — from expansion to recession, deflationary to inflationary, emerging to developing, etc.
An Interview With Keith Fitz-Gerald
Keith Fitz-Gerald and I did a 45-minute "interview" via Zoom. I was surprised how many topics Keith and I aligned on perfectly, though our few disagreements about what comes next made for a great debate.
Digital Shiny Objects
Cryptocurrencies can be very useful for people in emerging countries with problematic currencies. But if you are in most of the developed world, the volatility and risk of cryptocurrencies has so far been greater than that of your local currency.
Recession Thoughts
The latest CPI report was not an all-clear signal to the Fed. The headline rate year over year was still +7.7%. The core rate was still +6.3%. Those numbers are still way too high. Whatever the market thinks, the Fed is still on inflation watch.
Turning Bullish On Energy
So, I was introduced early on to the boom-bust cycle of oil and gas. When it was a bust, my friends’ fathers didn’t have jobs. More immediate to me was that they didn’t subscribe to newspapers which was how I made my money—delivering papers.
The “Procter & Gamble Of The UK” Is Now On My Watchlist
One of the larger companies in the UK, parts of which have been around for 200+ years, is Reckitt Benckiser Group plc. I like to think of it as the Procter & Gamble of the UK.
Currency Crescendo
Big problems usually begin as small problems. We see that in nature where small disturbances become hurricanes, and we see it in the economy, too. It shouldn’t surprise us if the economic disturbances of the last years compound into something bigger.
It's Not Enough To "Invest In What You Know"
There’s more to investing than buying companies that make products you like.
Notes On Inflation
Price inflation is an individualized experience based on your spending patterns. It is increasingly difficult to escape completely, though. Almost every category of living costs is rising to some degree.
Curving Toward Stagflation
Markets evidently think the Fed will stop hiking sooner rather than later. They are literally not paying attention to what multiple Fed officials are saying in speeches all over the country.
“Have We Reached The Bottom Yet?”
People keep asking me, “Have we reached the bottom yet?” The first dot-com bubble provides a useful roadmap for answering that question.
Weirdness Factors
It’s a recession! No, not yet! I see these arguments everywhere and I’m already tired of them. For those who believe it is not yet a recession, I will make a deal with you. When we have three quarters of a recession in a row, just give it up.
A Weird Recession
Professional economists, perhaps tired of being asked, years ago formed a committee to officially mark the beginning and end of recessions, the NBER committee considers a variety of data, but its final decision is subjective.
Hubris At The Fed
Finding just the right word brings great pleasure to writers like me. As I think and write about the Federal Reserve, the word “hubris” keeps coming to mind.
Forgotten Lessons
In politics, we can often limit the damage by voting out the offenders. It’s more difficult with institutions designed specifically to avoid such accountability, like the Federal Reserve System.
These Stocks Can Do Something Coca-Cola Cannot
Coco-Cola it’s a great stock to own. But it has a $270 billion market cap, and its business is quite mature. The stock is unlikely to double in the next year, let alone blast off.
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