Bob Elliott
· Nonconsensus
· February 03, 2026 at 12:03
· ⏱ 1 min read
| Read on Substack ↗
Summary
=== SUMMARY ===
•The author's central thesis is that the US administration is committed to a path of easy monetary and fiscal policy ("Easy Street") to stimulate economic growth.
•The author is repositioning their thematic portfolio to be explicitly pro-growth and pro-inflation, favoring risk assets (stocks) over safe-haven assets (bonds, USD) and positioning for higher long-term interest rates.
Summary
The author is updating their thematic portfolio based on a clearer outlook for the economy and policy. The central theme is an emerging "Easy Street" environment, characterized by easy monetary and fiscal policy, which the author believes is not yet fully priced into all markets.
•The author believes the economic and policy environment has become clearer.
•The core thesis is an "Easy Street" scenario of accommodative monetary and fiscal policy.
•The thematic portfolio is being updated to position for markets that have yet to price in this environment.