Constant of motion reflects market microstructure
Sound like Hyman Minsky made manifest.
Could Armstrong possibly believe that if the Fed were to start shrinking it's balance sheet stocks wouldn't react? Seems disingenuous.
You will also find that the CAPE & allocation generally mimic the inverse of the "misery index" (unemployment+inflation)
Sound like Hyman Minsky made manifest.
Could Armstrong possibly believe that if the Fed were to start shrinking it's balance sheet stocks wouldn't react? Seems disingenuous.
You will also find that the CAPE & allocation generally mimic the inverse of the "misery index" (unemployment+inflation)