“We’re in the most economically disruptive period since the 1880s and there’s been no bankruptcies. As quantitative easing turns to quantitative tightening, all these zombies are going to be exposed.”
Stan Druckenmiller
“The clowns on TV rant about ‘the great macro backdrop and alluring valuations.’ No mention of liquidity as if they don’t know this is the fuel for risk assets. Someone should tell them that the global monetary base began to contract last March and is now running at a -7% YoY rate. The best economy of all time just saw core capex orders decline at a 2.9% annual rate in the three months to October. Imagine what happens when it goes to something less than best…
I love it when people always say I’m always ‘too early’. You can be late to a bull market — it’s an escalator on the way up. You can’t be late to a bear market — because it’s an elevator going straight down.”
David Rosenberg
