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Many HOAs are a rotten deal: aside from management entrenchment, one big challenge is that HOAs have little recourse when there is a financially weak member - well, except for the lawyers that make money wsj.com/economy/housin…

A guest on @business questioned this morning why anyone would buy gold when you can buy inflation protected securities yielding 2.7%. Excellent question. A few answers:

First, maybe I misheard him, but TIPS yields are currently just a tad under 2% and have not been at 2.7%, see

ICYMI: China's central bank continues to buy gold.
"The country's gold holdings rose to 74.38 million fine troy ounces by the end of ​March from the previous month's 74.22 million."
reuters.com/world/asia-pac…

Let’s assume Iran will impose a hefty transit fee, creating incentive for others to build new pipelines. It also increases pressure for the world to diversify their energy supply.
-> the market will "solve" this over medium term regardless of how this plays out. Am I wrong?

The market priced as a short-term shock, not structural change: bond yields rose, but long-term inflation expectations did not -> real yields moved rose, a headwind to price of gold. x.com/3crowns21/stat…

Dad advice to my daughter.

“5/15..the [oil] storage..deficit becomes mathematically irreversible for winter 26/27... rationing...”
“On 4/28,..spring nitrogen application window closes. No ceasefire..after..can restore '26 crop yields.”
“ceasefire by 4/14..constitutes cascade deceleration [not recovery].“ x.com/vtchakarova/st…