Category Archives: Uncategorized

GMM will be laying low this summer, working on a special project, recharging our batteries, and working through the rest of the Five Stages of Grief after losing Carol K. We had planned a big reset and revamp of our … Continue reading →

The classic line from the cult movie, The Graduate, needs some updating.    Thank goodness for the creative destruction of capitalism.  The following video epitomizes the answer to many of the world’s problems — private sector innovation and entrepreneurship.  In … Continue reading →

If you’re wondering why we’ve been pounding the table, warning of the evils of inflation over the past 24 months, I received a text from an old college baseball buddy this weekend, which encapsulates the fiery coals and burning sulfur … Continue reading →

1. Crack Spreads At Record High The traditional relationship between crude and refined products is broken. WTI is anchored around $100-$110 a barrel, suggesting that — in barrel terms — gasoline, diesel and jet-fuel prices shouldn’t be much higher, once … Continue reading →

They shall beat their swords into plowshares, spears into pruning hooks, [and shipping containers into homes] – Book of Isaiah (paraphrased). According to shipping analytics firm Windward, 20% of the world’s roughly 9,000 active container ships are currently sitting in traffic … Continue reading →

True Confessions:  We don’t know, and neither does anyone else, including Chairman Powell and the FOMC.  What Is the Neutral Rate? The neutral rate is the theoretical federal funds rate at which the stance of Federal Reserve monetary policy is … Continue reading →

Since CK loved charts, we will honor her with a weekly (consistent as we can) chart series with addition of a few of our comments. 1. Crypto Crash  Rising speculative asset values that are not backed by production are inflationary … Continue reading →