Loading ...Well, Economist David Rosenberg, you should have turned bullish because since April 6 – when you tweeted this and when consumer expectations for higher stock prices hit a record high for the first time – stocks are up 18%!
Of course, since everything is now batshit insane thanks to the Fed, and designed to make trading so easy, 5 year old children can literally outperform hedge funds, this was precisely what we warned would happen one month ago:
Oh David, “since when” do you still think that anything you observe in this economy or market, both stuffed to the gills with trillions and trillions in freshly printed fiatscoes, matters or makes sense. And to answer your question: bear markets end when the Fed says so, and proceeds to do to stocks what it did to IG bonds – and start buying directly.
Continuing our address to the bearish bond strategist, we also said “David, you may want to reasses your nothing can beat deflation thesis. Albert Edwards already has, and has said farewell to his “great ice age” thesis that defined his work for the past 30 years.” Also read Paul Tudor Jones’ latest letter which laid it out best: “We are witnessing the Great Monetary Inflation (GMI)—an unprecedented expansion of every form of money unlike anything the developed world has ever seen.”
We ended our rhetorical address to Rosenberg by asking “how long it will take you to realize that we now live in a time of helicopter money and that markets – by any definition – no longer exist, and what comes next it a tsunami of debt and money much of which will finally make its way, kicking and screaming into the broader economy.”
Ironically, what this career economist, reformed bear (who can forget the brief period in Rosie’s career when he turned bullish in his early years at Gluskin Sheff before returning to his bearish roots) and widely-respected bond strategist still can’t grasp is by now all too clear to every Joe and Jane Sixpack on mainstreet, that the only thing that matters is this:
