INFL News and Press, Horizon Kinetics Inflation Beneficiaries ETF From 10/09/22

Summary The last decade, from a historical perspective, looks like an anomaly. If volatility becomes more common in the future, strategies that help reduce downside risk should become integral to equity allocations. Expect to see more volatility in the next 10 years than in th...

Summary Global equity markets outside of the United States have completed a third negative quarter, with the MSCI ACWI ex US IMI Index down 11.26% in the three months through October 30. For the year to date, this index is down 27.19%, which clearly indicates a “bear market...

Summary Equity market volatility persisted in the third quarter as investors came to terms with a new reality of high inflation and rising interest rates. For most of this year, equity markets have violently traded on this unholy trinity of rising inflation, rate hikes and growth ...

Summary We can always find an unimportant market blowing up somewhere, but as long as the funding markets are not touched, the effects on the real economy will be limited. Based on what I have seen publicly discussed, I see nothing that says that we are in any worse state than pre...

Summary We began September on Crash Watch but ended the month on Crash Warning. Though much has changed since October began, the warning remains until further notice. To be clear, this warning applies to the U.S. and global equity markets. The move to a Warning last week was relat...

Summary Elevated inflation, currencies, slowing global economic growth expectations, and reduced central bank liquidity remain key economic considerations. Volatility measured by the VIX spiked in September after declining in August. This wall of worry is real, but it is impor...

Summary YTD, the S&P 500 is now down 24% while bonds have their own double-digit losses. Like stock valuations, currency valuations aren’t great timing tools but over a 3-year period after becoming undervalued, the outperformance is strong. Consumer defensive stocks...

Summary The Great Financial Crisis taught us about the extraordinary capacity of central bank balance sheets and fiscal authorities to absorb financial shocks and mitigate the effect of massive deleveraging. The politicians and monetary policymakers have become too used to their s...

Summary Near-term, inflation will remain elevated. We anticipate at least another 100–150 b.p. of tightening from major central banks in the next few months. There are already signs of an economic slowdown globally, but household finances are robust, corporate balance sheet...

Summary We believe it is unlikely that Fed Chair Jerome Powell will navigate a pivot to a less-hawkish stance before early in 2023. We expect China to grow at a meager 2%-3% pace in 2022, with the potential for these risks to bleed into 2023, as a slowing developed-market consumer...