Brent Johnson first spoke about his “dollar milkshake” theory on Real Vision in May 2018. Since then, by his estimate he’s said “milkshake” “a million times.” As he sees it, the U.S. enjoys a comparative advantage – despite all of its problems – and, as a result, its currency will appreciate. It’s an on-the-money call if ever there was one. In this interview with Ash Bennington, Johnson forecasts more of the same. He also shares the story of how he came up with his “milkshake” theory (it involves the movie “There Will Be Blood”) and why it stands. And he warns investors to be prepared for both inflationary and deflationary pressures. Johnson does expect U.S. equities to continue marching higher over the long term – but not without terrifying drawdowns along the way. Recorded on October 11, 2022.