3Q 2021 Investor Letter - THE FED - AN UNWITTING PARTICIPANT IN THE SQUID GAMES

‘Squid Game’ is a worldwide hit show on Netflix where hundreds of cash-strapped contestants accept an invitation to compete in children’s games for a tempting cash prize, but the stakes are ‘win or die’. As we watched the initial episodes, we couldn’t help thinking the U.S. Federal Reserve might be caught in its own risky game.