Liquidity And One Great Narrative

2023's US equity rally is all about two things (and they aren't mutually exclusive): The so-called "Magnificent 7" tech stocks and multiple expansion. If you're a bear, it's been a frustrating experience. Multiple expansion at a time when monetary policymakers are hawkishly inclined is vexing, to put it mildly. On Monday, Wall Street's most prominent bear set about explaining 2023's multiple expansion by way of two factors: Liquidity and the A.I. narrative. This isn't exactly new territory, bu