The Big Picture - Macro Perspective on the Capital Markets, Economy, Technology, and Digital Media

Macro Notes

Excessive fiat money printing + negligible bond yields = asset price inflation. Just weeks after the most expensive painting ever, The Scream, sold at auction for $120mm and 6 months after the most expensive comic, Superman #1, sold for $2.16mm, the most richly priced piece of sports memorabilia sold for $4.4mm over the weekend. It was a circa 1920 Babe Ruth original game used jersey. The price exceeded the previous sports high in 2010 of the original rules of basketball written by James Naismith and the $2.8mm paid for the T206 Honus Wagner 5 years back. Whether its gold, comic...