We live in an inflationary boom where governments run 4-7% budget deficits of GDP (US at 7% with full employment), making investors search for scarcity; Q1 scarcity was energy (oil stocks up), Q2 was semiconductors (7 of 10 trillion global market cap increase), Q3 likely refining capacity.
causalpending
Speaker
Louis GavelkalEvidence Quote
“I think we live in an inflationary boom where inflation is is decently high and economic activity is fine because every government out there is running budget deficits of between four and 7% of GDP...In inflationary boom environments, investors look for scarcity.”
Created: 8/12/2026, 6:20:13 PM
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