Arthur Laffer Jr. saw his proverbial ship come in this past spring. A long-time student of inflation, Fed policy and related investment strategies, his analysis was purely academic in nature for years while we endured an extended bout of ultra-low inflation.
Yet he was well-prepared to pounce when an inflation super-spike appeared in the first quarter. His firm’s Laffer Tengler Dynamic U.S. Inflation Strategy, which is run as a proprietary bond fund for clients, delivered an impressive 19.6% return (18.54% net of fees) for the 12-month period ended March 31, 2022.
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