That’s Jim Rickards on his motivations for creating his new Fat Tail Portfolio.
‘I said this in my last book, The New Great Depression, which came out in January 2021, life will go on. We'll kind of muddle through, but we're not going to get back to where we were.
‘There's no scenario where that happens...
‘I said this over a year ago before the Ukraine situation got to the stage it’s in today...what I said was, again, life will go on. But we're not going to get back to where we were pre-pandemic.
‘That world is gone.
‘Now we're somewhere else.
‘But if life does go on, which it will…what does it look like?
‘Well, I would say number one the global supply chains that were built from 1989 to 2019 are done. A 30-year project.
‘I talked to the person who probably gets more credit than any other businessperson for actually building global supply chains, both as a technology provider and as someone who did it for his own company.
‘And he said to me:
"Jim, you have to understand it took us 30 years to build this. We blew it up in about three years. We're not going to put it back together in three years, this is going to take 10 years or longer."’
The supply chain crisis…and semi-permanently disrupted financial markets…are two scenarios baked into Jim’s new Fat Tail Portfolio.
