Core Insights - Rising private healthcare costs are prompting millionaires to reconsider their living locations, as highlighted by Henley & Partners [1] Inflation Concerns - Inflation is a significant concern, with fears that it could spiral out of the Federal Reserve's control by 2026 [2][5] - Recent data indicates that while headline inflation was cooler than expected in November, it remains above the Fed's 2% target [3] Stock Market Observations - The stock market is perceived to be in a bubble, with the "Dr. X's Bubble Detector" indicating all-time high equity prices [3][5] Money Supply Dynamics - The M2 money supply has increased by $3.5 trillion over the past five years, which is viewed as a critical metric for inflation outlook [4] - The Federal Reserve's recent actions, including rate cuts and the cessation of quantitative tightening, are expected to loosen financial conditions, potentially accelerating price growth [6] Factors Contributing to Inflation - Several developments are identified that could exacerbate inflation in the coming year: 1. Fed rate cuts that loosen financial conditions [6] 2. The end of quantitative tightening, which previously aimed to control inflation [6] 3. Easing of lending rules, allowing banks to increase the money supply [7] 4. Increased issuance of T-bills by the US Treasury to fund government deficits, contributing to inflationary pressures [7]