This newsletter issue focuses on long-term investment cycles, and specifically the shortages in energy and infrastructure that have become prevalent this year in part due to years of prior underinvestment, which have been further exacerbated by both war and drought. Analyzing Investment Cycles: Each business cycle has a general “investment theme” about it. To quantify that from a high level, this chart shows the performance ratio of value stocks vs growth stocks, with the gray bars representing recessions. When the line is going up, it means value stocks are outperforming, and when the line is going down, it means ... (full story)