Make a New Plan, Stan

“I started to get really nervous” -Stan Druckenmiller

Highlights

• The 10-year T-note is following the same path it did in 2007 — those who weathered the storm back then made a whopping +12% total return in a year

• Expect the BoE to stay on the sidelines tomorrow in the face of more persistent inflation and weakening demand

• Rent deflation will be a huge story next year as the data have yet to be incorporated into lagging government benchmarks

• The effects of the war in Gaza are being underestimated... now is the time to heed what historians can teach us