The reason our mantra is “Balance your wealth in an unbalanced world” is because in such unprecedented times it should be expected that experts can have such divergent theses on ‘what’s next’. On Monday we spoke to the thesis of Raoul Pal and others of recession, disinflation, Fed easing and risk-on. Today we talk to Crescat’s thesis of recession, sustained inflation, sustained rate hikes, and commodities boom.