Good morning, and welcome to Tuesday's SCVR, written by Paul & extra sections from Jack, since it's too busy for me to handle everything on my own.

Inflation & interest rates again

What an interesting discussion yesterday about the risk of inflation returning. Everyone seems to be commenting on that at the moment, I saw a very good article in the Telegraph this morning on the same topic, and thought to myself, oh dear I hope the Stockopedia subscribers don't think I plagiarised it. That's unavoidable though, when you're covering current topical themes. I remember a city broker friend once wrongly accusing Graham of plagiarising his blog, because they both happened to comment on bond yields on the same day! I had to gently intervene and point out that nobody had ownership of any macro topic, and we're far too busy to read other peoples' blogs, when we're frantically trying to prepare content to a deadline for our own! We're all friends again now, I'm pleased to say.

I enjoy thinking about macro topics, but just for the avoidance of doubt, see myself as an enthusiastic amateur on that topic, not any kind of opinion leader! It's interesting trying to work out how the world around us works, especially at times like this, when strange stuff like QE is happening. Also, I feel having a general overview of macro economics is vital to put share prices into context - are they cheap, or expensive? That depends on what's likely to happen next to the economy.

Russell Napier

My thanks go to subscriber Michael Prince who added a comment yesterday pointing us towards a podcast by Grant Williams, called The End Game Ep.5 - Russell Napier (you can find it by searching for the title or the name, on whatever podcast system you use). I was gripped by this long podcast, and concluded that Russell Napier is a brilliant commentator/economist.

I also found a more recent podcast from MoneyWeek where Merryn Somerset-Webb interviewed him badly - constantly interrupting & talking over the end of his sentences. Pity, as she's usually very good, but should have just kept quiet to let the interviewee speak, who after all, knows a lot more than she does, and has more interesting things to say. Pity, as she usually talks sense, and I normally respect what she has to say.

Indeed, as…

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