The Bull Market in complacency has reappeared as the markets (again) disassociate from the real economy.
An earnings recession appears increasingly likely
(Always) listen to Warren Buffett
“I didn’t come this far to only come this far, so we’ve still got further to go.”- Tom Brady
“You sure that’s the question you want to ask?”- Bill Belichick
Like the dynastic rule of the New England Patriots football team, Mr. Market continued its assault higher yesterday – making it six weeks of consecutive pass completiions .
Borrowing from Monday’s column, at the core of my market concerns is the diminished outlook for economic and profit growth in 2019-2020…. and there was nothing in the recent high-frequency data or earnings reports that changes this outlook.
Indeed as noted last week, for every