“Mind-alteringly cheap”

Inasmuch as we pay any homage to macro, our investment thesis is straightforward. There is too much debt in the world, and not all of it will get paid back. As something of a cinéaste, this correspondent is fond of citing the 1983 Cold War film War Games in defence of this investment approach: if you don’t understand the rules of the game, sometimes it’s better not to play.

"Mind-alteringly cheap"