RUN - Horizon Kinetics Market Commentary Q2 2021

• Horizon Kinetics LLC, founded in 1994, is an independently owned and operated investment adviser. With a long-term absolute return mindset, and based on first-hand research, our portfolios tend to be concentrated and avoid tracking or mimicking any benchmark or index.
• These questions tell me that this is a good time for a refresh, to review some of the important elements that we’ve been incorporating into portfolios during the past few years.
• The Fed speaks of a temporary, pandemic-induced inflation. Yet, aside from the price of a Big Mac, which didn’t need the pandemic to rise by 4% a year, a call-in questioner on the Real Vision interview asked what inflation index we use.
• But if excess money creation goes on for too long or becomes too extreme – if the government pushes ittoo far – you don’t just ruin people’s retirement, you ruin the entire economy: economies tip intohyperinflation and currency collapse.
• The combination of rising GDP and reduced spendingrapidly reduced the nation’s debt leverage. The amount of new debt being created exceeds the rate at which the economycan grow.

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