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For the past several weeks, we have been arguing that the performance of risk assets across the world are in total disconnect with economic and corporate fundamentals.The enormous addition of money supply through fiscal and monetary authorities has been the key driver for stock markets and in the US has seen the S&P 500 recover all its losses for the year and the Nasdaq Composite reaching a new record high. After all, the Federal Reserve has doubled its balance sheet to $7.2 trillion from $3.7 trillion and the administration may still issue new fiscal measures after their initial $3... Read More
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