Headline of the Year!

Clients and regular readers know that our view had been that the next recession and bear market was likely to rival 2008, largely due to the underlying corporate credit bubble. That was before we ever dreamed of COVID-19.

Now I can’t help but sympathize with the IMF Chief:

“Coronavirus pandemic ‘way worse than the global financial crisis,’ IMF chief says” 

And if that turns out to be the case stocks have not nearly discounted what’s ahead…


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