MI2 Chart Point: 10 Charts

 

Since the end of last year, we have highlighted the incongruity of the equity market’s assumption of continued margin growth with transient inflation (“Equities: A Glaring Dilemma” 28th Sept). To our mind, the more likely outcome was either stagflation or continued inflation/reflation. This view  was neatly summed up in a quote we highlighted from the CEO of Restoration Hardware (“The Last Shall be First and the First Last – A Rotation of Biblical Proportions” 13th Apr): 

“I don’t think anybody really understands what’s coming from an inflation point of view because either businesses are going to make a lot less money or they’re going to raise their prices. And I don’t think anybody really understands how high prices are going to go everywhere.” 

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