Regular readers will know that I basically believe that AI is only the latest iteration of a structurally deflationary environment, regularly disrupted by an inflationary pushback in the form of disintegrating globalisation.
Currently, my base case is bearish for most assets due to the war in Iran and its associated energy shock, which I see as only half over, at best.
However, there are bull cases, and today we catch a glimpse of how they may play out.
