Howard Wang

Got around to setting up my Substack. Subscribe so we can stay in touch! open.substack.com/pub/hwconvoy/p…

Western countries save in hard assets, Eastern countries save in paper printed by Western countries.

Big Tech is overvalued. The current PE ratios require the Mag 7 to grow to a size rivalling the US government, a scenario that won't go unchallenged. But there is still value to be found elsewhere in the broader tech industry, which will only grow long-term.

How do you create a financial portfolio to prepare for the unthinkable?

Megatrends like demographics, inflation, technology, and geopolitical tension should form the foundation on which you build your investment strategy for the next century. A concrete, investable portfolio for our new world. linkedin.com/pulse/investin…

Even after the government stops the current bank run, commercial banks are in trouble because they can't compete against tbills, which has far higher yields and lower default risks.

2022 marked a seismic shift from a pie-in-the-sky world where financing cost was free in nominal terms and negative in real terms, to one where traditional metrics - how much debt do you have? will you generate a profit at some point? - actually matter.

If 2021 turns out like 2020, the market cap of Bitcoin would be greater than all US currency in circulation.

Updated Bitcoin bubble chart

@lisaabramowicz1 At the moment stocks love the prospect of inflation. Money printing->inflation expectations->stocks. Single most important linkage of 2020.

“Inflation staying low and well-behaved is the foundation on which everything in markets is currently priced:” JPM's Karen Ward. “If inflation picks up in a way that’s not expected, that would challenge the market’s entire view.” ft.com/content/88cbae…

Money printing->inflation expectations->stocks

@BernieSanders Money printing's impact on main street vs wall street.

I'm fighting for an agenda that works for workers – not the 1%. YES to raising the minimum wage to $15/hr. NO to tax breaks for the rich. YES to creating millions of good jobs through a Green New Deal. NO to billions in corporate welfare for big oil companies.

@NorthmanTrader A longer perspective on the QE age. Alot of money going to wall street, little to main street.

@NorthmanTrader When markets allow this low an interest rate, debt is near costless. If rates turn negative the markets will be paying the US to take on more debt. Our interest payments have remained constant as % of GDP for two decades.

BofA: Central Banks Are Buying $1.3 Billion In Assets Every Hour, Creating A "Frankenbull" Market zerohedge.com/markets/bofa-c…

Capitalism's inequality widens. Over last 40 yrs, top 1% of US wages rose 160% while bottom 90% rose only 26% (less than half a % per yr or stagnation). Capitalism delivers for the richest few, but not for the majority. #WeCanDoBetterThanCapitalism bit.ly/36PlRUE

@PierrePoilievre Here is data for the US. Money printing by passing the real economy, going straight to financial assets.

I asked Freeland for data on how wealthy investors are profiting off the Bank of Canada’s money printing. She said ask the Bank. So I proposed a motion at the Finance Committee to do that. Liberals/Bloc voted it down. What are they hiding?

@MacleodFinance It's not quite flowing through to hyperinflation, yet. Financial assets only, for now.

US M1 money supply rose 14% in two weeks to 30 Nov. Hyper-inflation is here!

@SJosephBurns Massive corporate debt bubble. In real terms, companies are literally being paid to borrow money.

What is currently the biggest financial bubble in the world?

@charliebilello In real terms, companies are literally being paid by the Fed to borrow.

1. Stocks: all-time highs. 2. Housing prices: all-time highs. 3. Corporate bond yields: all-time lows. 4. Mortgage rates: all-time lows. 5. Jerome Powell: the outlook is "extraordinarily uncertain." We need many more years of 0% interest rates and QE to stimulate the markets.