Portfolio Review 2Q21

Portfolio Review 2Q21

It is an upside-down world, where the government pays people not to work; borrowers guarantee to return less than you lent; and the wildest speculations shoot to the moon. All this is enabled, of course, by extreme monetary ease which has continued so long now that the authorities are finding it difficult—nay, almost impossible—to pull back. The broad market, trading at valuations by some measures last seen just before the 1929 crash, is fed by excess credit creation, and we see no sign of meaningful tightening any time soon. This does not mean there cannot be significant market corrections along the way, nor sharp declines in specific securities or sectors. Indeed, the warning signs are flashing brighter and more often, as we discuss below. Finish reading here: Portfolio Review 2021 2Q

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