Than what the market is discounting. That’s deflationary of course, but I also think about the response that implies: a lot more stimulus on the fiscal side, coupled with monetization by the Fed.

A few months ago, things looked equally concerning in Europe and Asia. But now It looks like the scenario above is more likely for us than many other developed countries, and that would probably lead to significant dollar depreciation. That tends to put upward pressure on commodities as they become cheaper in foreign currency.

This, and the fact that we are led by a Moron-in-Chief, are elements of my investment case.