Professional investors can review published thought leadership and market updates from the Argonaut Investment Team.

‘Powell’s “Play Extempore” & The 1970’s Stop-Go Cycles’

The most famous example of the “Play Extempore” in Elizabethan theatre is the Great Tavern Scene in Henry IV Part 1, where Falstaff and then Prince Hal, with faux amateur dramatic spontaneity, assume the role of King Henry lecturing his wayward son. Prince Hal, who had to date shared a life of drunkenness and debauchery with Falstaff, claims he will cast off the genial Sir Jack to assume a more virtuous life as King. If Jack Falstaff is inflation – self-indulgent and hedonistic – Prince Hal is Fed Chairman Powell, who after a life of notoriety as the world record money printer, has recently promised “unconditional” “commitment to restoring price stability.”

‘Wind Overbuild: Why More Wind Won’t Work’

Western governments are currently outbidding each other in a race to zero carbon emissions. They have also just woken up to the importance of energy security. It may then seem an odd time to predict that the usefulness of wind power has already peaked. The allure of wind power in resolving these issues is a trap: wind energy has already passed its optimal share of electricity generation in the UK.

‘The Wind Trap: Why Wind Power Has Already Peaked’

It was the absence of human dominion over nature that drove King Lear mad: chaotic weather symbolised political anarchy in the realm and an unstable body politic. The problem with the weather - as Lear and his Fool found on the heath - was that energy generated by the wind was inherently capricious and unreliable. It was the genius of Shakespeare that he recognised that it would be difficult to construct a drama where Lear got so upset with a lump of coal, a bundle of firewood or a cake of dung: those were all stored energy at the command of man.

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