Stocks have never been at record highs with fundamentals severely depressed. Fund managers starting to believe this nonsense… Risk On is turning Off?

Oops.

S&P 500 earnings real yield is at its lowest level in a decade!

Prior lows were also times that gold outperformed equities.

What’s different this time?

Stocks have never been at record highs with fundamentals severely depressed.

Never.

Time to buy gold & sell stocks. pic.twitter.com/Yiw4h4DS6Q

— Otavio (Tavi) Costa (@TaviCosta) August 19, 2020

Fund managers starting to believe this nonsense pic.twitter.com/Uny4XsqL7i

— Win Smart, CFA (@WinfieldSmart) August 21, 2020

Amazon: profit up 100%
Walmart: profit up 80%
Target: profit up 80%
Lowe's: profit up 74%
Microsoft, Facebook, Apple, Google: stock at record high

Small businesses: 21% closed; revenue for rest down 30%

We're seeing a monumental wealth transfer from mom & pops to conglomerates.

— Dan Price (@DanPriceSeattle) August 20, 2020

Risk On is turning Off pic.twitter.com/40pqmSzXV6

— Win Smart, CFA (@WinfieldSmart) August 21, 2020

pic.twitter.com/kgpQDqpVby

— M/1_LP (@MI_Investments) August 21, 2020

A matter of when NOT if .
Insanity . pic.twitter.com/3ALFjTH8TP

— The Great Martis (@great_martis) August 20, 2020

BUYBACKS & DIVIDENDS pic.twitter.com/aZbkNt8rvP

— Win Smart, CFA (@WinfieldSmart) August 21, 2020

The 1990s as a decade of elite failure that got us to the moment we live in today….https://t.co/tFzXg6Ex9m pic.twitter.com/F7aAfSAw8l

— M/1_LP (@MI_Investments) August 20, 2020

#Fed balance sheet back >$7tn, giving investors the green light for further stock mkt gains as S&P 500 P/E trades in tandem w/ Fed balance sheet. pic.twitter.com/EPOZ0jAw2i

— Holger Zschaepitz (@Schuldensuehner) August 21, 2020

Last 20 years. All of this bubble-driven madness was avoidable. But bubbles were tacit Fed policy.

The scorecard is the GDP growth rate chart🤦‍♂️= #FAIL

Now we've gone from $5T ('00) to to $30T ('21) in debt; and bubbles dangerously atop a weak economy saddled in debt. #LBO_USA pic.twitter.com/I1guFKF4aj

— M/1_LP (@MI_Investments) August 21, 2020

Who would have thought……

Used car prices are the new Nasdaq..….

That’s with:

– Delinquency rates surging
– 10% unemployment rate
– Auto sales still 20+% below its 2017 highs.

We are living in a bizarre “free money” world. pic.twitter.com/hZhPpn5maW

— Otavio (Tavi) Costa (@TaviCosta) August 21, 2020

"Growth engine of the world" pic.twitter.com/GOCR52K7c9

— M/1_LP (@MI_Investments) August 21, 2020

6 stonks only go up pic.twitter.com/jryA8tmuqa

— Alessio (@AlessioTMAD) August 20, 2020

GASOLINE DEMAND pic.twitter.com/vSMkvWaCW9

— Win Smart, CFA (@WinfieldSmart) August 21, 2020

If you can make 10% a week, every week, you can become rich… https://t.co/8riYjnsMqA

— GuruLeaks (@Guruleaks1) August 21, 2020