The tide is going out.
“The major opposing forces in 2018 will be contracting global liquidity vs synchronized global growth. Our view is that the former will be the bigger force, and will drive asset returns in 2018.”
“We start with liquidity as a principle which leads to a sequence of events that escalates into a liquidity crisis, response to which is then an aggressive liquidity injection. At this point, we have to ask the logical question”…
So what gives? Well, probably not a lot. It could just be everyone is taking a breather. But, in a testament to Nassim Taleb’s “narrative fallacy” argument, we have an overwhelming tendency to ascribe “causes” where there are none.