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Crescat May Research Letter – Too Soon

The valuation of the Wilshire 5000 US Total Stock Market Index reached a historic high of 207% of GDP in 2021 in the wake of the Covid-19 stimulus and record corporate profit margins. We are now entering what in Crescat’s analysis is an inflationary recession. The index is off 15% from its all-time highs but still trading at 187% of GDP. Continue Reading Here ›

The Rise and Fall of the Consumer

After experiencing the largest government-financed consumption boost in history, household demand for goods and services is poised to fall off a cliff. The US economy simply cannot handle the Fed’s continued monetary tightening. This is the onset of a vicious stagflationary environment. Continue Reading Here ›

 Crescat’s Macro Presentation – May 2022

Crescat’s Portfolio Managers, Kevin Smith and Tavi Costa, provide insight on their current views of the economic environment and how their strategies are positioned to create value for Crescat clients. See Macro Presentation Video Here ›