As per usual Mish your investment savvy and insight is excellent, it’s just that your macro-economic theory being Austrian sucks mud. General equilibrium is a fallacy. The entire system, investment, production and consumption is dependent upon the individual’s ability to purchase AND THE RATE OF FLOW OF TOTAL COSTS AND SO THE RATE OF FLOW OF PRICES ALWAYS TENDS TO  EXCEED THE RATE OF FLOW OF TOTAL INDIVIDUAL INCOMES ACTUALLY AVAILABLE TO BE SPENT. That fact is missed by erudite mathematicians like Steve Keen and invalidated by otherwise intelligent investment advisers like yourself. If you and Keen would open up your minds to that truth and consider the ethical problem of not doing so….you’d both be nascent Social Crediters.