It’s a “post-pandemic economy!” Stopping and restarting the economy in 2020 caused big secular changes that will last for AT LEAST a generation. Headlining these changes is remote work,the biggest change to the labor market since we invented the eight hour day/5 day work week 150 years ago. Management/Labor relations have been permanently altered. To be clear, these changes are not better or worse, they are making it different. So is it difficult to read because we are waiting for the pre-pandemic economy to return? Or is it difficult to read because we know secular changes have taken place, and we’re trying to figure out what the new rules of the road?
OBSERVATION - Short term gains vs. long term reward. Time to start buying equities
“If we don’t understand why coal is so valuable, we have no hope of beating our addiction to it. Coal is cheap, reliable, & easy to store for indefinite periods. Replacement technologies that fail across these critical dimensions have no hope of decreasing global demand for coal.” - @DoombergT
OBSERVATION - China taking advantage of a steep Russian discount