The party’s over. Increasingly, for the past decade and before, America and much of the world have been living beyond their means, with the economy, living standards, and markets fueled by excess money creation. Now it’s time to unwind the masquerade. As interest rates move off 4,000-year lows––with negative interest rates consigned to the dustbin of history––and money injection goes into reverse, so too must the economy, living standards and markets go into reverse. The central question is how long this tightening process will continue before the masters of the fiat system get weak knees. It will be impossible to tame inflation without provoking a recession. Markets have collapsed. The world has changed and our investment strategy must change with it, to protect and preserve being the primary objective, as well as building for the longer term. Finish reading here: Portfolio Review 2022 2Q.