In this episode of the Hedgeye Investing Summit, Keith McCullough interviews Murray Stahl on the topic of inflation, hard assets, and equity-linked investing. Stahl argues that the inflationary trend is just starting and could last for decades, attributing the previous period of disinflation to the collapse of the Soviet Union and the entrance of billions of workers into the global labor market. He suggests that traditional methods of measuring inflation are flawed due to substitution and hedonic adjustments. The conversation covers potential investment opportunities in hard assets like land, water, natural gas, and royalties, particularly highlighting LandBridge, Texas Pacific Land Trust, and Franco-Nevada. Stahl also shares his perspective on Bitcoin and other cryptocurrencies, framing them as a solution to central bank manipulation and a return to a decentralized exchange of goods and services.
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