Dear Reader,

That’s a wrap. The SIC 2019 ended on a strong note today as we heard from two of the world’s top debt experts.

• Carmen Reinhart from Harvard University said the US and other advanced economies still haven’t resolved the last crisis and will have very limited room for maneuver in the next one. Emerging markets aren’t in great shape either.
• Howard Marks from Oaktree Capital then warned us about corporate debt, since over-extended governments are obviously not a great enough challenge.

Earlier, Mark Yusko woke us all up with one of his patented rapid-fire slideshows that I can’t begin to summarize. Suffice to say, he isn’t bullish on many asset classes… with one big exception.

William White, former Bank for International Settlements chief economist, used a phrase guaranteed to wow your next dinner party: “fundamental intertemporal inconsistency.” That’s how he described the way central banks keep getting more aggressive to achieve the same results. He thinks it probably won’t end well.

You can get Yusko’s slides, William White’s wisdom, and a lot more with our SIC Virtual Pass. It’s a bargain at any price and is an even bigger one if you act now.

You won’t be disappointed. Click here to do it.

See you at the top,

Patrick Watson