I see irrational exuberance (APT, Tesla, et al) driven by new market entrants.
Everyone I know seems to think that the markets will go up forever, and that we just had a temporary blip...
I think people like me are in the minority..
I see substantial balance sheet damage.
I see a proper global recession.
I own an 8 figure business.. we are still only doing 85% of what we used too, despite being in an ostensibly reopened state...
This will all take time to repair the damage... Furthermore, my investment stance (in my business) has become far more conservative. I promise you that this is widespread. This will have implications of its own, as business leaders focus more on repaying debt, and repairing balance sheets, and less on expanding over the next few years.. My capex has collapsed this year.
I wouldn't get too excited until reporting season is finished for a start... And even then, lets see what the world looks like in say Feb next year, after we get FY21H1 reports thro, and some government support like JK is wound back, and the US election cycle over....
I am staying conservative....
I am taking my cue from bond markets... not millennial's armed with early super withdrawals and government stimulus...
(20min delay)