The two big forces at work and their differential impacts over time
We regularly get the question, “are we in a secular bear market?” That question is impossible to answer with any degree of confidence. However, we also see it as a question that reflects more upon the world we’ve been in than the world we are now in. In this new world, we see two giant forces at work operating against one another, having disparate impacts across companies and countries. One is the massive global collapse of income and spending. The other is the countervailing reflationary production of liquidity via fiscal and monetary policies.
