Harley Bassman Interview: ‘The Long, Slow Road To Inflation’
“Truth be told, I kind of like – I can’t believe I’m saying this – I actually think I’m bullish on stocks”.
“Truth be told, I kind of like – I can’t believe I’m saying this – I actually think I’m bullish on stocks”.
To be sure, we had ample warning.
Last week saw the first real test of the bear market rally. The week ahead brings more challenges.
Is it really “exuberance”?
Positioning and low risk of new lockdowns justify a reasonably constructive take.
It’s actually problems – plural.
“Forced to consider the latter, let us not make the same mistake with our investments.”
“Black & white memories”.
It’s perilous.
Over the past several weeks, central banks globally have been keen to emphasize the extent
“…during Lehman, unprecedented HF redemptions played a big role in propagating the equity and credit market declines”.
…the next three months are likely to be even more trying.
Historic outflows, daunting headlines and a rebalancing bid.
“…despite everybody knowing this is just the beginning of a horrific few months of data to come.”
No one can see the end of the tunnel – or if they can, there’s little attention being paid to it.
“The package is coming in at about 10% of GDP. It’s very large”.
“Many aspects of this crisis have played out in-line with our prediction”.
You can’t get rid of the Babadook.
“The moves smack of massive de-leveraging and a run into dollar cash”.
“The Fed has likely fired off its last bazooka.”
There have only been two other periods characterized by these kinds of wild swings: The GFC and the Depression.
Platitudes.
It looks as though it’s time to finally exorcise all our post-crisis demons.Â
“This is not a normal functioning market”.
“…daily amplitudes not seen since 2011.”
And yet, through it all…
“The virus should go, but stimulative measures will likely stay”.
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