The idea that "stocks only go up" has caught on with a good number of younger investors to the alarm of Peter Cecchini, a former Wall Street chief market strategist.
These days, baby boomers are not the only ones driving seemingly sanguine narratives that may not end well. "Equity markets have devolved into casinos," said Peter Cecchini, the founder and CEO of AlphaOmega Advisors, and former chief market strategist at Cantor Fitzgerald. Cecchini recalls that inflation defied all economic logic when it stayed below the Fed's target after the 2008 crisis despite years of monetary stimulus.
Cecchini notes that these same companies added almost $1 trillion in debt due to the pandemic, lifting their total obligations to $1.36 trillion according to Bloomberg data. And it's not like profitability is improving either; non-financial corporate profits, already in decline before the pandemic, are still weakening. , and others showed high efficacy in trials.
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