Spurious Correlation CPI Fractal

There is no doubt that commodity prices and overall inflation have soared since the Coronavirus lockdowns in 2020. A combination of base effects, quantitative easing, an exodus from cities and supply chain disruptions have lead to massive year on year changes in CPI. The included image is an overlay of CPI from 2001 to 2014…Read More

man inside tool shed

Better than Universal Basic Income

The recent acceleration in technological change has brought a lot of talk of universal basic income (UBI) as the future for developed economies. While there are a lot of formal arguments that could be made against this, I thought it better to present a vision for a better world, if robotics and AI really are…Read More

Macro Newsletter August 2021

Apologise for the break for June and July, we were in the process of moving and markets were relatively mixed over the summer months. A reminder that the two distinctive features of the 1332 Capital newsletter are that views are communicated over different time periods (immediate, cyclical and secular) as well as tracked between newsletter…Read More

Macro Newsletter May 2021

Welcome to our inaugural monthly market newsletter. The newsletter will summarise our current analysis on the economy and markets from different macro time periods; immediate term, cyclical and secular. Immediate term reports what is happening in the present and recent history, the last trading day, week, and month. Cyclical tracks on a quarterly basis where…Read More

gold and black round coin

Fractional Reserve Bitcoin?

The past year has certainly seen more financial institutions adopt Bitcoin as a reserve asset, either for themselves or for their clients. Several news outlets have reported that BNY Mellon will hold, transfer, and issue Bitcoin on behalf of its clients. The use of the word issue raises the question as to whether they will…Read More

blue and red wall graffiti

Did Obama Create The 1%?

While the political left may have been the most critical voice of the wealth inequality, ironically it may have been a combination of the government and Federal reserve under a Democratic presidency that oversaw the creation of the so-called “1%”. Quantitative Easing inflates financial asset prices while causing stagnation and growing debt levels in the…Read More