In fact, if you take a stroll down memory lane, at the beginning of the coronavirus-induced fallout, Pal was early in his appraisal, saying "One stock bear market, a double-digit unemployment reading, and a 30%-plus annualized drop in GDP later, and it doesn't seem like a stretch to say his evaluation was sufficient.
"I'm extremely concerned by the potential for this to unravel rather fast, because, as you know, everybody's one side of the boat — and that side is V-shaped recovery and growth," he said in a recent. "When large parts of the market, including the truthfulness of the bond market, is whispering at you ' Hey, that's not right; they're all going bust."
Given the stock market's torrid recovery from multiyear lows back within shouting distance of record highs, Pal sees equities currently being set up in the same manner.This is where the rubber meets the road, and when markets have to face the underlying economic reality associated with pandemic, which has caused a contraction in global growth.
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