He continued: "Many experts are confident that as bad as the numbers are, the Chinese are underreporting."
"The impact of all this on corporate profits and free cash flow will be dramatic," he said. "The effect on oil and energy prices could be even more extreme." To further demonstrate his thinking and highlight the market's complacency, Minerd points to pricing action in corporate bonds, a classic gauge for investor risk appetite. When spreads are tight, it's generally a risk-on environment. When spreads are blown out, it's risk-off.
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