After making piles of money off easy Fed money, billionaire investors Barry Sternlicht and Bill Ackman are now experiencing extreme agita, courtesy of the regime shift in the cost of capital from Fed rate hikes. They’re both on bended knees, hoping/praying/begging for some monetary policy respite.
Sternlicht was actually just on CNBC calling inflation “a good thing.”
“Inflation is good for the landlord; it’s bad for the guy paying rent,” Keith McCullough explains in this clip from The Macro Show. “I’m a man of the people. It’s a jackass comment, and I’m not gonna put up with it.”
“I have a lot of respect for Barry. This is not some ad hominem attack,” McCullough says. “You’re long real estate, and you don’t like that setup, and I know it.”