Inflation is probably the most talked about topic in investing today. Some think it has become a major problem. Others (including the Fed) think it is transitory. While still others think we are headed for a repeat of the 1970s or even hyperinflation. But many of the opinions on both side are not informed by the facts. So we wanted to do an episode where we started with the basics to help us understand what is going on now, and what might happen in the future. To do that, we couldn't think of a better person to talk to than Discipline Funds founder and author of the Pragmatic Capitalism blog Cullen Roche. We look at inflation from the ground up.
We discuss:
- the various ways to measure it and how they are different
- the history of inflation in the US
- why quantitative easing didn't cause inflation, but fiscal stimulus did
- the major forces that have kept inflation down
- the differences between now and the 1970s
- what hyperinflation is and why it is very unlikely
We hope you enjoy the discussion.
ABOUT THE PODCAST
Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
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