Confidence in the Future
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 19 November 2021
⏱️ 26 minutes
🧾️ Download transcript
Summary
This week I did something a little unique. I dedicate the Dividend Cafe to the topics du jour in the space of prices, labor, production, and the Fed – basically, all the stuff everyone is talking about (and should be talking about). But rather than it seeming like a single, monolithic essay on it all, I think I have it broken up into bite-sized pieces that will be easier to understand and take in.
We live in interesting times, and if this week’s Dividend Cafe helps you to understand these times better than you did before reading it, I will be a happy man. Let’s dive in and see if that happens.
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividend Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.4 | Hello and welcome to this week's Dividend Cafe. It's kind of our last normal Dividend Cafe video and podcasts will do until the week after Thanksgiving. |
| 0:23.8 | I do want to come to you next week with a short dividend cafe on our Thanksgiving reflections. |
| 0:30.6 | But from a market standpoint, there's quite a bit to talk about this week. |
| 0:35.3 | What I won't be talking about is the updates with the reconciliation |
| 0:40.0 | bill, the House voter on this morning and past. Obviously, it's not really much of a story because |
| 0:47.0 | now is where the fund really starts going to the Senate, which is where we've known most of those |
| 0:51.7 | conflicts are. Markets itself, there's not a whole lot to say kind of about this week. |
| 0:58.0 | I think that the big things that are on most people's minds that are actual students of the economy |
| 1:04.0 | and are mostly curious about where things go from here are all in the same vein, about inflation, about the price |
| 1:13.4 | level, about the supply constraints in the economy, about labor, about Fed policy, and all these |
| 1:20.9 | things sort of intersect to some degree, and that's really the subject of this week's Dividing |
| 1:26.6 | Cafe. |
| 1:29.5 | I think that there are short-term and longer-term issues that I would hope people who regularly |
| 1:37.2 | listen to or watch or especially read the Dividing Cafe know how I feel about. |
| 1:42.8 | That longer-term, there is absolutely no question that the great |
| 1:47.2 | things that occupy my mind and how I steward capital for my clients center around the |
| 1:54.4 | excessive indebtedness in the society and its ramifications to long-term growth and the policy prescriptions to deal with that |
| 2:03.8 | constrained growth, both fiscal policy and monetary policy, that I think invite further complications, |
| 2:12.0 | including sometimes exacerbating the low growth problem that they're intended to address. So you have this negative |
| 2:22.1 | feedback loop that has become kind of the story of global economics and how one gets return on |
| 2:29.1 | investment and return on capital in a period of growing stagnation in the economy is a very complicated thing |
... |
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