I continue to think the most important question for individual investors is: what impact will unprecedented policy have on inflation? Conflicting views but I believe hoisington is the most likely. Letter is technical but useful here's a pod that helps: https://overcast.fm/+SJ82MvPVw  https://twitter.com/jdh/status/1249766275519115266

Just like GFC, all this debt will grind into deflation. Fed actions not going to create inflation, just partially filling the demand destruction hole. More of the same. For it to create inflation banks would have to lend into productive investment, not happening

However : if rather than debt government went full MMT, just printing (which the USA has not yet) it could radically alter this calculus.

Other smart finance people I follow see inflation but I lean with Hunt: he was dead right in 2010s when most were wrong, and is the most technical and nuanced in thinking. This is all their firm does, literally nothing else.

Asset prices may inflate but not CPI and wages. Lots of people point out we have lots of inflation just CPI is bad. I think true but as in last decade what matters from a portfolio positioning is CPI.

Not certain though, I am not putting all my eggs in any one basket at this point!