MQG overvalued in the current market, page-14

Thank you for the kind words and I am also trying to formulate a thesis for me to buy despite having limited cash compared to the previous cycle. Cash is a great Call option.

Granted inflation erodes it, but short of real assets (tangible) and commodities that usually also roll over last in the cycle having cash is ideal. I sold all my bonds in the superannuation more than a year ago as cannot reconcile half of the world bonds yielding NOMINAL negative yields (not just in real terms). I still see plenty of negatives for bonds. The central bank is selling bonds, governments are selling bonds, and China after Russia which has 3.4 trillion assets probably thinks it needs to sell some US bonds as well. Who is left to buy bonds? Cash is good in this scenario.

I am firm in the opinion things would get worse before it gets better. As swaggytrader mentioned cannot see a sustained rally to the upside from here with FED tightening, growth rolling over, supply chain issues and VIX being elevated. Because of the quality of the MQG and its being a crowded position (like AAPL) in the US it is having a slow burn. However, the trend is clear.

I am very bearish because I feel the last cycle was purely driven by liquidity and taps are turning off.