Starting in mid to late 2022, five structural changes will begin to kick in that will drive inflation to between 4% and 6% in the years following 2022. These changes will impact inflation for decades.

Charles Goodhart, perhaps Britain's most distinguished economic commentator, has just co-authored a book arguing that longer-term inflation will be much higher than the past 35 years. The reason for his view is highly unorthodox - and, in our opinion, correct.

The madness at the end of January around a few now-famous stocks can largely be explained by the fact that all of five conditions for market madness were met.