The Week That Matters (10th-14th July, 2023)

"Deep within the heart of every evangelist lies the wreck of a car salesman." HL Mencken

In equity markets, air pockets happen

This newsletter has argued the following:

1. This is not a normal cycle. How could it be if COVID was “unprecedented”?

2. Consumer balance sheets are as strong as they were in the early 1980s.

3. The gap up in inflation data was always going to be temporary.

4. The subsequent decline in prices will be the biggest in history.

5. We liv…