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Baking Better Bread

Fund managers are going to have to reallocate some portion of their assets under management to gold. They don’t want to be seen NOT holding one of the best-performing assets in the first quarter.

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Dan Denning
Mar 21, 2025
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Sir Robert Giffen, Source: Getty Images

Friday, March 22nd, 2025

Laramie, Wyoming

by Dan Denning

Greetings from the High Plains of Laramie, which are slowly thawing ahead of spring’s showers. Let me start this week’s note with a question: Would you like to pay for that burrito bowl now or in four easy installments of just ten dollars?

Earlier today, food delivery service DoorDash announced it would partner with buy-now/pay-later service Klarna. Customers can have fast food delivered and break up the payments into interest free installments. Or they can schedule the pay-off to coincide with the next pay day. Klarna is a Swedish company that filed a prospectus last week to list on the New York Stock Exchange (God help them).

In the last two weeks, I’ve been exploring the idea that the Trump Administration is trying to reverse 50 years of economic policy that have favored Wall Street over Main Street. You can argue over whether that’s their actual intention, or what it would mean for stocks (much lower), or wages (possibly higher), or the quality of life for American wage earners (hopefully better and more meaningful). All fair points worthy of vigorous debate.

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