Midnight Candles

Bill Gross writes:

Investors must recognize that if assets appreciate with nominal GDP, a 4–5% return is about all they can expect even with abnormally low policy rates. Rage, rage, against this conclusion if you wish, but the six-month rally in risk assets – while still continuously supported by Fed and Treasury policymakers – is likely at its pinnacle. Out, out, brief candle.

---
You might like my 2017 epic release: Trend Following: How to Make a Fortune in Bull, Bear and Black Swan Markets (Fifth Edition). Revised and extended with twice as much content.

2 thoughts on “Midnight Candles

  1. Hey Mike-U.S corporate profits have actually been LOWER than nominal gdp the last 100 years.Would’nt this imply that stocks are even more overvalued than Gross states?

Comments are closed.