Hi,
I found this article interesting - perhaps others will too.
Andrew
I found this article interesting - perhaps others will too.
Andrew
Hopefully expressed in simple terms, the prior period credit cycle was a massive anomaly. That anomaly raised US nominal GDP, corporate profits and asset values to levels they never would have experienced in the absence of maniacal credit creation. Now that the meaningful deleveraging process we have been ranting and raving about is evidenced all around us and is really still in its infancy, we believe the US economy, corporate profits and asset values are in the process of shifting downward to a “new normal.” THIS is what the current equity bear market is all about.
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