Basketball fans are likely well-aware of Tim Hardaway's innovative UTEP two-step. There's also an innovative two-setup in the capital markets. The QE(n) driven, down currency, up equities has been driving equities since 2000. The most recent two step that began in 2008, similar to Hardaway's effect on defenders, will catch many equity bears flat-footed.
Devaluation Steps: S&P 500 Total Market Return and Inverse price of Gold
