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    • Today we are experiencing a perfect storm of inflation. A perfect storm is formed by seemingly small factors. Each one on its own may not be particularly significant, but once combined they result in an event that significantly exceeds the sum of all parts. I provide an update on my previous two inflation articles, and the risks I see on the horizon in the next few quarters.

    • My thinking on gold, the US Dollar, our national debt and our reserve currency status has not really changed much since August 2020, except that at IMA we have been increasing our exposure to foreign companies whose business is not tied to the US. We still have a small hedge in gold – I am as unexcited about it as I was when I wrote this article.

    • I re-share and update my analysis of Uber, and why it remains an attractive investment. I provide a mental model of how to analyze companies that may appear expensive but have yet to reach escape velocity in their cost structure and have a large market addressable market that they’ll likely dominate.

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