We doubled down on our bet that Federal unemployment benefits will be extended beyond September 6th after listening to Joe Biden tell us that the sky is not blue. The longer these enhanced Federal unemployment benefits remain in force the longer the Labor Participation Rate will remain below 2019 levels. This will continue to impact productivity, pricing and unit sales across retail, food services, travel and hospitality, commodities and more while setting the stage for stagflation. Many Technology stocks remain overvalued in our view yet Technology companies are largely free of having to compete with the Federal Government for workers. Mr. Biden’s positioning statement is available courtesy of Bloomberg below.