Is it inflation or negative real rates that matter now for investors?

I participated in a Euromoney conference on investing in inflation this afternoon. I was on a panel of five right before the closing remarks by keynote speaker Dennis Gartman and I wanted to make a few remarks about what I learned.
First, Dennis Gartman is a wonderful speaker, very gifted. He had a lot to say that I agree with and I will get to that in a later note. What I want to write about now is the basic premise of the conversation that inflation is the problem. I have three thoughts on this, two of which I proposed during the panel.The backdrop ere is that we are in very unusual times, with crises in almost all of the major developed economies. The majority of their central banks are adding liquidity in the form of base money and low rates as a salve. Investors in this environment r...


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