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July 24, 2024
PI Global Investments

Stay safe: A financial crisis could still be on the way

As we start 2024, we turn to a pressing investment concern. Our readers must be asking the same question we are: what if we’re wrong? 

We have argued that the “primary trend” in markets turned around in two moves: first, bonds topped out in July 2020; then, stocks reached their apogee at the end of the following year. We urged investors to move to MSM – “maximum safety mode” – while we awaited a crisis. Deflation was the immediate threat, not inflation. Higher interest rates would cause financing problems, we believed. Another shoe was bound to drop – a penny-loafer of a big company suddenly unable to pay its bills, a steel-toed government debt auction going “no bid”, a fast-moving crash in the stock market.

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