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‘The Argonaut 1970’s Redux “Stockumentary”’

The Argonaut 1970’s Redux “Stockumentary”

The Russian invasion of Ukraine has hastened the new stagflationary era: accelerating deglobalisation and highlighting the imprudent lack of fossil fuel investment by the West. The Bank of England has just hiked interest rates into a forecast recession. Recent attempts from the Federal Reserve to calm inflationary fears through “front-end loaded” rate hikes have served only to underline the futility of attempting to manage global supply shocks with aggregate demand tools. Investors are losing confidence in financial assets as a store of wealth. The 1970’s redux has now arrived.

Last October – with stock markets at all-time highs - we highlighted the risk that the roaring ‘20’s would give way to a ‘70’s stagflation there would be a series of worsening supply shocks for which financial markets were ill prepared and central banks impotent to resolve. After more than a decade long boom in long duration equities and bonds, few investors had any hedge for a Seventies redux where wealth rather than wages would be the financial patsy. We had also previously warned that contrary to the prevailing consensus we were about to enter a new macro regime where “thinking long-term” and “investing in innovation” would be financially disastrous

But what were the 1970’s really like for investors? And what lessons can we learn for investing today? Argonaut now presents our 24-minute original “Stockumentary” on “The 1970’s Redux”: 

  1. Do you remember the 1970’s?
  2. The bull market in gold
  3. The bull market in oil
  4. Inflation and interest rates
  5. Stock markets in the Seventies
  6. Inflation redux
  7. De-globalisation
  8. De-carbonisation
  9. Central bank money printing
  10. The politics of inflation
  11. Investing lessons from the ‘70’s
  12. New rules, new strategies


Barry Norris
CEO and Fund Manager
Argonaut Capital 

Investing in the Free World