Wednesday the Consumer Price Index (CPI) came out +4.2 percent over the past year. Thursday morning the Producer Price Index (PPI), which measures wholesale inflation, was announced to be 6.2 percent. More concerning is the reaction of Richard Clarida, the Federal Reserve vice-chair, who said he was, “surprised.”
Remembering David F. Swensen, the manager of Yale’s endowment and a legend in our industry. There are lots of great investors, most of whom prefer not to be in the spotlight, and Swensen was certainly one of those. I never met Swensen personally, but he influenced Iron Capital all the same.