14 Comments
Apr 14, 2022Liked by Russell Clark

Russell- really love the length of these. The cycle from Capital to Labor has commenced! Hope you’re well.

Tyler

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I really need to learn how to make clickbait titles like this. Great read otherwise, thanks for sharing.

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Very interesting Russell...

I guess that the main feature of this market in the last 12 years is Financial Represssion (look the the actual real yields, Fed Funds minus core CPI) and Corporate Moral Hazard (debt garantees as you said, Buybacks, over leveraging...etc). Off course the QE and money being put in the hands of financial institutions, wich can ONLY BUY FINANCIAL ASSETS also helped this market.....LOL

All this has ''monetized'' financial assets, turning them into stores of value, because public debt was toxic overall.

Does that make sense?

Cheers buddy, yours is always excellet work

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Really like these thoughtful pieces that are backstopped by data.

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Great comments. Thoughtful and force you to think. Well done.

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Would be very curious as to what you think of the JNK/TLT breaking out of its ~20 year trend in the last several trading sessions. Implies to me that risk-on from the bond side is returning. What are your thoughts on this relationship?

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Would be very curious as to what you think of the JNK/TLT breaking out of its ~20 year trend in the last several trading sessions. Implies to me that risk-on from the bond side is returning. What are your thoughts on this relationship?

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👍👍👍👍

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No.

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