The market is not stupid. Data compiled by Deutsche bank shows new money and flows into the equity markets is almost all going into Tech or healthcare – the rest of global commerce is essentially flatlining or negative. If your cash is invested in index-followers on the basis the rising Tech tide will lift all boats – then beware, it’s a false connection. These stocks could be dragging for years. (And explains why a V-Shaped recovery was never realistic.)

Of even greater concern is what is going on in debt.

This year we will see global corporates raise some $4 trillion from the debt markets – ostensibly to fund themselves through the Pandemic. I read a great interview with sage investor Lacy Hunt: “The Pandemic will eventually go away, but the debt will still remain.” He went on to describe how: “Debt is a double edged sword: it’s increasing current spending in exchange for a decline in future spending unless it generates an income stream to repay debt and interest.”    Full Story