There are two really big differences in the global investing environment that are different from anything I have seen. The first is inflation, brought on to some degree by loose fiscal and monetary policy in the West, especially the US. And it has unleashed an inflation dynamic, which is something we have never really dealt with, for the last 40 years. Secondly, we now have a great global power conflict and again to some degree, one of the dimensions that created that disinflation, is now in reversal.
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