2021: The Year in Review
Operating leverage, underestimating inflation, Progressive tax policy stalls, stocks are rich, bonds are richer
This is the final note of our three-part outlook note series. We began with 2022 Outlook: Inflation Policy & Politics where we described a deterioration in liquidity conditions, persistent pandemic effects, inflation policy & politics, and another difficult year for the 60/40 asset allocation framework. The second note, Macro Themes for the '20s Cycle, …