Investing For A High Price Future | James Davolos on Inflation, Pricing Power, and West Texas
2024/11/17
Monetary Matters with Jack Farley
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James Davolos
James Davolos 认为，全球央行希望通货膨胀，以资助国库并降低债务负担。他认为通货膨胀率不会回到 2%，利率也不会回到之前的低水平，赤字也很难回到合理水平。他认为宏观经济形势已经发生转变，当前环境对实物资产有利，但传统实物资产对利率敏感，回报率增长有限。他主张投资于具有定价权和轻资本商业模式的公司，例如 Mastercard、Visa 和交易所，这些公司可以平滑周期，并通过其资本轻的特点实现长期复合增长。他还看好 TPL 等拥有独特土地和矿产资源的公司，以及 Landfried 等受益于西德克萨斯州土地价值和数据中心发展机遇的公司。Jack Farley 提问，关注通货膨胀、利率、特许权使用费公司、交易所和西德克萨斯州土地价值等话题。
Deep Dive
James Davolos reflects on managing an inflation-focused fund during a significant inflationary period and discusses the causes of the inflationary boom.
- The fund was launched in January 2028 amidst uncertainty about economic recovery from the pandemic.
- The inflationary boom was characterized by both large-scale fiscal stimulus and supply chain issues.
Shownotes Transcript