Jurrien Timmer
The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Jurrien Timmer embodies The Navigator through disciplined synthesis rather than doctrinal choice, triangulating position from fundamentals and technicals simultaneously instead of picking a camp. His barbell construction spanning the Mag Seven and non-U.S. equities reflects a chart-reader who plots relative-value coordinates before committing capital at Fidelity. Twelve bear markets have not made him reckless.
“Banks' net interest margins go upside down, right? They borrow short lend long. And so banks stop lending and you get a credit crunch and you get a recession. But in this case, the large banks, if you notice, your deposit rate at the large megacenter banks has not really gone up commensurate with the yield on money market funds, right?”
“Something like that. But in 49, something changed and the slope started to, you know, like the market found itself and that trajectory started to really compound at double digits. And you broke out of that big shelf that was really from 29 all the way to 49s, the low was, of course, in 74, October 74 after 48% bear market.”
“And so I think that's the story. So, and ironically, because Bitcoin has obviously come well after gold as a kind of a store of value hard money asset, in a way gold is kind of like where Bitcoin was 10 years ago or five years ago where, okay, Bitcoin's interesting, but I don't understand it. I don't feel like spending 100 hours on this.”
“The chart concluded that when the money supply grows too fast, gold takes market share. So hard money takes market share from soft money, from fiat money. And at certain extremes, like in the 70s and other periods, the 30s, the value of gold would go all the way up or beyond the value of M2.”
Masters in Business: “'Barbell' Investing Strategies With Jurrien Timmer”
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