Global Macro Monitor

QOTD =  Quote of the Day

Context
The transitory versus permanent inflation debate has suffered from vague definitions. With price growth in the US and Europe now tumbling, those on “team transitory” are somewhat smug.

…of course, anything can be “transitory” on an unspecified timeframe. – FT

Happy Holidays, folks.   December 26th beckons, which happens to be the second most profitable trading day of the year for the S&P over the past 70 years, on average.  We have always been skeptical of averages, however, but Mr. Market doesn’t seem to be.   

It does feel Mr. M wants to make a new high in the S&P before year-end at 4818.62, set in January 2022, which is about 1.3 percent from current levels.  A chipshot.  Here’s to hoping he doesn’t shank the Santa Claus rally.    

We leave you with the best Christmas commercial ever.  Check it out. 

Have a great Christmas, and remember, it’s not about the toys but it’s the relationships.  

Blame Jay Pow. Prove me wrong.

A little context:  

‍The world’s 25 wealthiest families, where wealth has been passed down over at least one generation, are now collectively worth a cool $2.1 trillion, according to a new report from Bloomberg.

With first-generation money excluded, the industries on this list of dynasties look quite different to most modern rich lists, which are often dominated by tech entrepreneurs. Indeed, the majority of families listed owe their prosperity to physical, rather than digital, empires. – Chartr

Note the Musk, Bezos, and Gates families are excluded because their wealth was self-made.  Good for them!