You are reading a single comment by @PQR and its replies.
Click here to read the full conversation.
London Fixed Gear and Single-Speed is a community of predominantly fixed gear and single-speed cyclists in and around London, UK.
This site is supported almost exclusively by donations. Please consider donating a small amount regularly.
PQR
ChasnotRobert
I wouldn't describe myself as a fan of Crispin Odey, but I think there is a lot of sense in what he is saying here:
“We went into coronavirus with the market incredibly bullish, everyone was long. I’m more cautious than most people.”
He said that last year’s rally in markets — the S&P 500 delivered a return of 29 per cent — was driven by the expansion of price/earnings multiples rather than earnings, which meant that investors were paying more for the same streams of profits.
“What you really needed for this year [2020] was for earnings to come through. Earnings are just not coming through — it’s going to be the opposite. The question is, does another dose of monetary madness offset the willingness of the market to really look at what’s really going on?”