This report is part of our cross-asset “What Matters” publication, a new, differentiated product available via a separate subscription. To access the full analysis, please upgrade below or contact us at [email protected] with any questions.
Every major step-change in US debt-to-GDP over the past 50 years has been enabled by one thing, and it just quietly turned back on. At the same time, a demographic shift already locked in decades ago means the workforce funding this debt load will keep shrinking regardless of what policy does next.
This isn't a US-specific phenomenon; it's playing out globally, and asset performance since 2020 already confirms the thesis directly. This report lays out the core investment thesis every investor needs to understand: trends unlikely to reverse anytime soon, with real consequences for portfolio returns and composition. It's a report worth revisiting regularly- the north star for building a resilient portfolio.
Global Money Supply (RHS) vs. US Debt (RHS)
Please find attached our 12 page report with the most important charts.
Subscribe to 10x What Matters to read the rest.
Become a paying subscriber of 10x What Matters to get access to this post and other subscriber-only content.
UpgradeA subscription gets you:
- A weekly cross asset intelligence report with lots of insights
