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EssentialThe Essential Conversation

Is This the Best Way To Beat Inflation?

Featuring Stephen Clapham and James Davolos

Apr 20, 2022 • 48 minutes

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Essential

The Essential Conversation

Is This the Best Way To Beat Inflation?

Let's talk about the "hard-asset, capital-light" defense.

Featuring Stephen Clapham and James Davolos

Apr 20, 2022 • 48 minutes

How should you protect your portfolio in an inflationary macroeconomic environment? James Davolos, portfolio manager at Horizon Kinetics, is deploying a “hard-asset, capital-light” strategy focused on businesses that don’t tie up a lot of working capital or use debt to finance their operations. As Davolos sees it, with capital-light businesses there’s no need to time market entries or exits. And, over time, Davolos argues that business models that require less working capital and limit debt earn higher returns. In this interview with Stephen Clapham, founder of Behind the Balance Sheet, Davolos explains the philosophy behind the Horizon Kinetics Inflation Beneficiaries ETF, describes the fund’s top 10 holdings and identifies stocks an investor should avoid in an inflationary environment. Davolos and Clapham also discuss the declining productivity rates, challenges of investing in China amid the Russia-Ukraine war, the fight for scarce resources, the weaponization of trade, and whether the future is one of hope or one of ever-greater risk. Recorded on April 15, 2022. Show More

The Essential Conversation is the world's premier financial-market-focused conversation series. The smartest people in markets, finance, economics, and business engage in deep-diving discussions about the global macro landscape, generating actionable takeaways that can help your decision-making process. Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio.

More Episodes

The Essential Conversation is the world's premier financial-market-focused conversation series. The smartest people in markets, finance, economics, and business engage in deep-diving discussions about the global macro landscape, generating actionable takeaways that can help your decision-making process. Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio.

More Episodes

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