Stockmarket and the economy
These “stockmarket is not the economy” takes. Sigh. Sure you can have a GDP yoy % down and markets yoy % up at a calendar frequency, but boy do you have to note what’s being smoothed over in the interim.
Better to say “equities can climb the wall of worry” and leave it at that, rather than the above, or…
…to make the case that “a low impulse economy can result in modest top line w/ minimal to zero wages growth, thus bolstering margins” and hence weak economy & strong returns (which is how you can get stockmarket != the economy).
But not just the yoy table of low frequency returns without the narrative (or more accurately the mechanism) and the drawdowns.
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