Thursday, May 7, 2020

7/5/20: No Value in Them, Stonks

No, folks, the markets are still not in line with fundamentals:

And that applies to all three sets of fundamentals: pre-COVID19 conditions in the underlying economy (secular stagnation), during-COVID19 collapse of the economy, and post-COVID19 expectations for the economy.

Which, of course, explains why Buffett sees no opportunities for buying, given the above chart is one of his favourite indicators of value.

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