Tuesday, April 07, 2015


Recall that the entire world was predicting a massive rise in U.S. rates coupled with every economist's preferred bogeyman: INFLATION!

The opportunity set for massively scalable businesses is closing.  We have not seen "any" pressure on labor rates in the previous seven years...and yet the Fed has sent trial balloons indicating a possible rate hike.

It appears the markets are unconvinced...to put it mildly.

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