IceFire Capital

https://www.financialsense.com/podcast/21656/craig-tindale-how-china-won-global-supply-chain-war

Security Verification

Unusual Machines $UMAC

Legendary investor Howard Marks puts it bluntly:

“When you buy the S&P 500 at a 23x P/E, your 10-yr annualized return has always fallen between +2% and –2%, IN EVERY CASE, EVERY CASE.”

Today the market sits at a 25x P/E. Add inflation… and your “returns” are negative.

So what’s Marks doing? Buying bonds!

During the 2000–2002 crash:
- Long-term Treasuries: +40–45%
- NASDAQ: –78%

History doesn’t repeat perfectly, but it rhymes.
We might only be in the first inning of the next pullback.