Summary

• The stagflation narrative dominating financial social media isn’t completely wrong, which makes it so dangerous.
• Supply chains are genuinely under pressure, and the dollar currently faces real structural headwinds.
• The U.S. economy today is roughly 70% to 75% services, and manufacturing accounts for approximately 11% of GDP.
• Gold deserves a real discussion, because this is where the doomer stagflation narrative contains its most glaring internal contradiction.

The stagflation narrative dominating financial social media isn’t completely wrong. That’s what makes it so dangerous. After more than 30 years of managing client portfolios through actual inflationary cycles, not watching them on YouTube, I’ve learned that the most

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