ACTV - St. James Investment Company Value Investor's Second Quarter 2024 Letter

2024-07-03 23:15:00 ET

Summary

• The global economic order, once regarded as immutable, is now rapidly changing, affecting every facet of life and spanning the arc of history.
• The transition from a fundamentally deflationary world to an inflationary one is also disruptive.
• Today's world is drowning in government-created liquidity in the form of debt that is inflating the value of financial assets beyond their ability to generate the income necessary to support these multiples.

"You have to know the past to understand the present." -Carl Sagan.

In the early 1900s the British Royal Navy was by far the most powerful fleet in the world. In addition to protecting the British Isles from invasion, the Royal Navy's greater purpose was the protection of trade. Britain relied upon imports, and its economic prosperity depended on seaborne commerce. Any threat to Britain's naval supremacy threatened the nation itself....

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