Liquidity, Earnings And One Bear’s Big Disconnect

Over the past week (or two or three) market participants latched onto a narrative about liquidity and the impact of an apparent upturn in global M2 on equities. The overarching thesis is simple enough. Liquidity injections are tantamount to easing and liquidity is fungible, so if, on net, liquidity is expanding, it'd be naive to overlook that as a potential explanation for any concurrent rally in risk assets. As discussed here at some length early this week, I'm the very last person to dispute