No Peace

No Peace

Tech just can't get out of its own way. Or, more aptly, bonds just won't get out of tech's way. This week was a fitful, spasmodic exercise in the type of "churn" discussed here at length on Wednesday. It culminated Friday in another awkward session that found yields rising sharply, pressuring tech anew. It's virtually impossible to make the case that overvalued pandemic stocks, high-flying tech shares, and other perennial, secular growth winners have de-rated enough to make them "bargains."
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2 thoughts on “No Peace

  1. Do you remember when Dr. Doom when from bear to bull on rates in 1982? Henry Kaufman has a new book being published next week, and advance word is that he is no longer sanguine about bond markets, or at least bond liquidity.
    Kaufman bookends around the great bull market in bonds?

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