Wed, 23 July - Credit, page-52

Meanwhile.......


EPIC spike in new cases for Wednesday.. 280K globally..

Deaths spiking also.


It's difficult to describe how bearish I am.

We are not remotely out of this mess.

Today's budget forecasts, are saying at least 2 years of negative GDP right?

Isn't that one of the hallmarks/classifications of a depression?

How does the biggest budget deficit since WW2 align with markets only 10% under 2019 levels?

We have emergency levels of government support and stimulus, 1 or 2 in 100 years type stuff, and markets are basically ignoring it.

All of the underlying data says an epic bust is baked in.

Markets have disconnected, because the great masses believe that governments will be able to fix/contain this.

Bond markets are saying something different.


(This is more of a longer term analysis and reflection...not what the xjo will do tomorrow.....

But I am positioning myself accordingly.. defensive portfolio, paying down debt, slashing growth and expansion capex etc )