Storm clouds are gathering, with rampant inflation driving a historic monetary tightening cycle that threatens economic growth while war rages in Eastern Europe. Are we now on course for a deflationary bust? Doubts about its abilities abound. But investors should be prepared for the outside possibility that the Federal Reserve nails the landing, says Michael Gayed. With cracks starting to show in the commodities market, the author of The Lead-Lag Report expresses some doubts about the sector, warning of the near-religious fervor that fuels its booms. Gayed, the chief investment officer and portfolio manager at Toroso Investments, shares his brand of shrewd, contrarian perspectives with Real Vision’s Andreas Steno Larsen. Amid tempests like these, keeping your ship steady and sailing in the right direction is a challenge. But the business cycle is inevitable. And it’s nearly impossible to time it perfectly. Recorded on June 24, 2022.