PMY - Charts, page-529

Ok but that also depends on the definition of "once things normalise to a degree".

When is "once" and what does "normalise" look like in a post COVID19 world and in particular with the general economy and employment situation incredibly dire, despite what the equity market suggests is the forward view.

Add vaccine and distibution latency to a large number of the population + true efficacy, normal is unlikely to be around the corner.

Food is definitely up due to supply chain issues. Just walk to the shops. That may pan out with other products as well, but if the consumer economic shock doesn't dissipate quickly, then M2V will remain subdued and along within it GDP. That would mean stagflation I suppose.

Also, don't see many companies investing a lot of cash into entreprenial activities, with perhaps the exception of tech. More likely will pay down debt and remove human capital costs.