“There are specific identifiers that are entirely recognizable during the bubble’s inflation. One hallmark of mania is the rapid rise in the incidence and complexity of fraud….” ― Michael Lewis, The Big Short: Inside the Doomsday Machine
The road to inflation is a choppy one. The benchmark is up over 60% since the march lows. The fed continues to assure us that the reflation trade is on and the market is responding.
Jan 20th will see the start to a new presidential cycle and that is where we'll be watching...