The meteoric rise off the late-March lows has been more about optimism that the Federal Reserve and Treasury can save the day than it is about fundamentals, investor Howard Marks said in his latest market letter.
Looking at current conditions after a nearly 40% S&P 500 burst from March 23, the Oaktree Capital founder noted that "the fundamental outlook may be positive on balance, but with listed security prices where they are, the odds aren't in investors' favor."
Pro Low inflation, low taxes, pro-administration business has not lined up like this in over a century! This come-back will continue to shock & surprise all continuously! However our next crude oil price expansion, flash inflation event, will erase decades of human economic progress!
Pro Dow has gone up about 40% since late March when it was about 18,300. Futures up 380 today Interesting to see how this summer goes Very good spring for investors