Ann: Funds Under Management - December 2021, page-91

It appears your economics education is lacking, though your understanding of momentum is A Grade.

They is nothing normal about the current debt driven asset price boom other than it has persisted, confusing the notion normal.

Leverage is a double edged sword blunt on the upside and severe on the downside.

Monetary and now fiscal stability since the GFC has relied on spending and spending is a function of perceived wealth, except for the rare few like Warren who is still very frugal, despite his wealth. It is in his DNA, which many here have to a more or lesser degree.

When this leverage boom and stimulus boom and liquidity boom and cross boom and spending boom ends, and it will, the value and defensive investors which you so scorn, will have retained sufficient of their capital for another day. The momentum players, and highly leveraged, will most likely find themselves in the Twilight Zone. And friendless mostly because they were so smug at the investment party.

"This time is different" has rarely proved to be insightful. Quite the contrary. Every boom ends, has a 100% hit rate.

Excuse me Salty, l think l will go with the odds than your learned opinion of the last 10 years.