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Nosebleed.
Right, so we've been trading and investing in an environment characterized by the market version of
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Well…..ya. And you can talk about the crisis, but the crisis is now because the whole thing has no cure.
When you look at the charts above I think it’s worthwhile to remember that current numbers were obtained in the lowest interest rate environment in generations. It doesn’t take a vivid imagination to project just how overstretched and fragile everything would be if rates were even 1 or 2% higher than they are……this is a set of markets that just don’t want to know..and they are cruising for multiple bruisings.