Scott Minerd, Guggenheim Investments’ global chief investment officer, is warning investors to not expect a “V-shaped” recovery, or a quick rebound in economic activity to pre-pandemic levels.
The executive, who co-manages Guggenheim’s fixed-income funds, predicts it will take four years for output to return to levels from before the crisis. The U.S. government’s coronavirus-relief programs “are insufficient, misdirected, and full of unintended consequences,” he says.
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he's spot on. the market is no longer allowed to decide what a company is worth when the fed buys up all their junk debt. literal junk like $HYG. Everything is becoming nationalized and now citizens own junk corp debt.