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Electrification Is Our Macro Theme Of The Decade Everybody wants to reindustrialize but there cannot be any industrialization without increase in electricity production. We also must take into consideration that this does not include demand from AI or data centers. What’s Not To Like About Japan? Low debt, rising productivity, rising investments share of GDP

We are facing the 1940s play book in which Debt to GDP peaked at 119% before being inflated all the way down to 30% over 30 years. Will History Repeat? They are just going to inflate away the debt Is this Hyperinflation? Russia FX reserves, Tik Tok, US steel Fiasco..Why own US Dollars? GOLD buying

Markets Are Realizing This Since 1800, 51/52 countries had Gross, Government Debt >130%. Their fate was one or more of the following: Massive debt restructuring; Currency devaluation; Higher inflation; Outright Default Will History Repeat? Source: FRED, Pinetree Calculations Last time when US government finances were stretched during 1944-1952, they went ahead with rapid industrialization –

Nikkei Hit A New All Time High This Week Strong corporate earnings on top of a weak yen with increased share of corporate revenue coming from overseas operations. Japanese firms are seeing better-than-expected earnings, mainly driven by a higher share of revenue coming from their overseas operations, which benefits from a weak yen.  This Trade Is

The Boat Is Really Tilted Index investors are heavily exposed to tech, and relative to history are significantly underexposed to defensives. Bitcoin Going Mainstream? Since the January 11th launch the total net inflow into the Bitcoin ETFs is $5 billion, and $2.3 billion of that came in last week alone. Grizzle believe that first year

Nuclear Energy Is Making A Come Back Nuclear Energy is in vogue. Government targets on net zero along with a desire for greater energy security is leading to investment in new nuclear capacity. Uranium miners are direct beneficiary of this trend which is still in its infancy. US Equity Risk Premium At A 23 Year

Electrification is our Macro Theme Ff The Decade Grid Strategies, a US consultancy, said that nationwide forecasts for electricity demand growth over the next five years had “shot up” from 2.6 per cent in 2022 to 4.7 per cent in 2023, in a report based on an analysis of utility filings to the Federal Energy

Something To Keep An Eye On Chinese stocks now make up 24.7% of the MSCI Emerging Markets index by capitalization, down from 40% three years ago and about the same as late 2015 after the devaluation of the renminbi that August. China remains the biggest single country by market cap in the index, but India’s