Vision
To provide clients with the essential macroeconomic narrative to profit in the global economy.
Philosophy
We focus on changes to key macro variables (fiscal, monetary, regulatory, and geopolitical) to predict future asset prices.
Analytical Process
Step 1: Identify Overall Macro Context
What is the big picture?
What is the outlook for real inflation and growth?
What is prospective economic policy?
Step 2: Evaluate Key Macro Variables
What key macro variables are driving markets at the margin?
What is the strongest market narrative of recent events within the context of the identified variable(s)?
Step 3: Deliver Actionable Macro Intelligence
What is the most likely scenario based on the BWR narrative during the near-term?
What will be driving factors/variables over the longer-term?
What investment implications/recommendations should be communicated to clients?
|
 |
 |
Communication Strategy
Core tenets of our economic model include:
- A well-functioning economy starts with the producer and the exchange of goods and services between fellow producers.
- Risk-taking (and the policies and events that promote it) is a necessary ingredient of growth.
- Paying attention to the margin (i.e., the unfolding developments in fiscal, monetary, regulatory, and geopolitical events) will uncover and direct one to investment opportunities throughout the global economy.
- Gold is the monetary North Star and remains the best unit of account for valuing currencies. A currency's gold price is the best signal of long-term inflationary or deflationary pressures being transmitted into the respective economy.
- There is an optimal tax rate between 0% and 100% at which the government will incur the maximum amount of revenue without compromising economic growth.
|
