Investor Letter 2023-04
Dear Investors and Friends,
Western economies are currently in a twilight zone, exhibiting the contrasting effects of a level of money supply that is too high, along with a growth rate of money supply that is unsustainably negative. This highly unusual dichotomy can explain some of the seeming contradictions in the data that we’ve seen recently, including:
Elevated GDP growth, but the tightest lending conditions since the financial crisis.Reasonably stable corporate