Great Expectations

Great Expectations

Joe Biden assumes the presidency with a daunting task vis-à-vis markets or, perhaps vis-à-vis markets' expectations is a better way to put it. US equities are perched (some say precariously) at or near record highs, and multiples are, in some cases anyway, stretched to levels last seen at the height of the dot-com frenzy. Some worry the road higher is fraught with peril, the Fed's best efforts to sustain the rally notwithstanding. In his inaugural address, Biden spoke of the need for unity
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