More Debt, More Liquidity, Higher Stocks (Hallelujah)

More Debt, More Liquidity, Higher Stocks (Hallelujah)

The COVID-19 crisis is different from Lehman for a laundry list of obvious reasons, but in some key respects it's similar. JPMorgan sums up the situation in just seven words: "More debt, more liquidity, more asset reflation". That, ultimately, is our future, the bank's Nikolaos Panigirtzoglou says, in a somewhat fatalistic edition of his popular "Flows & Liquidity" series. One thing we should be clear about (and insistent upon) is that the extent to which liquidity serves primarily to i
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12 thoughts on “More Debt, More Liquidity, Higher Stocks (Hallelujah)

    1. Six or so years ago, I was in a bar in Manhattan, and a girl walked up to me, pointed to my Leonard shirt, and said “Is that Bruce Willis?” I said “I’m sure you’re a nice girl, but we cannot be friends”.

  1. We, the American people, are truly masochists when it comes to denying ourselves the things that would actually enhance our daily lives. I don’t know if it’s our Puritan heritage, the post-WWII version of American exceptionalism, or fear that some cruel higher intelligence will threaten to turn off our simulation if we were to become self-aware, but I sure hope we see the light sooner rather than later.

  2. We frequently split the S&P 500 into FAAMG versus 495 other companies. It would be interesting to see a similar division of the top 1% between Bezos/Gates/other FAAMG zillionaires versus all the other merely rich. The increased wealth of the top 1% is most probably going to 1% of the 1%, making the concentration of wealth even greater than the chart above indicates.

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