Office Hours. After Hours.

Variant Perception will host after-hours office hours at a private members’ club in New York City on November 11.

Join us for a drink and a discussion of our latest report, The Sovereign Impossible Trinity, which picks up the threads of last year’s thematic, The Primacy of Sovereignty.

The report’s thesis in three points:

Guns, butter or sound money: we can’t have all three. The US-China rivalry and the Iran war are running up the bill for sovereignty. The US is borrowing to put off the choice, while China suppresses butter.

History shows one leg always gives way. Sound money at the central bank (Eccles or Burns), butter in domestic politics (Perot or Perón), guns in international relations (prestige or realism).

Which leg gives way decides the trade. Today the constraint is physical, not financial, so sacrificing sound money means inflation, not growth. Stay long the physical constraints and short the nominal claims.

CIO Tian Yang will lead the conversation, sharing VP’s current outlook and our perspective on how we got here, and answering your questions.

Space is intentionally limited; please RSVP to reserve your spot.