by Bill O’Grady
In Part I of this report, we discussed Scheidel’s thesis on the events that reverse the normal trend of inequality and used this analysis to frame the COVID-19 pandemic. In Part II, we introduced the equality/ efficiency cycle and discussed the first issue that would be affected by a shift to equality. In this final Part III of the report, we will address the other four issues, discuss inflation and conclude with market ramifications.
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These reports were prepared by Confluence Investment Management LLC and reflect the current opinion of the authors. Opinions expressed are current as of the date shown and are based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change. This is not a solicitation or an offer to buy or sell any security. Past performance is no guarantee of future results. Information provided in this report is for educational and illustrative purposes only and should not be construed as individualized investment advice or a recommendation. Investments or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances.
