Big, dumb war. Energy prices go crazy. Inflation is not transitory. Central Banks go to work, tightening. Inflation led by higher energy costs gets worse. June has a bit of a stock crash led by tech which is now just, ewww, total trash. Fast forward last week: Wall Street ends with its worst calendar year performance since the GFC in 2008. The benchmark S&P 500 is about 20% smaller. The Dow Jones Industrial blue-chip index is about 9% lower. And the most average average of all is the tech-heavy Nasdaq which lost a full third of its value with an unriching but mathematically convenient 33% drop for the year. After ... (full story)