“this time is different”
A pliant US Federal Reserve, massive consumer savings, substantial free cash flow generation, powerful government spending, money on the sidelines with negative real bond yields are the fodder that allegedly can sustain the rally even after a gain of nearly 90 per cent from 2020 lows.
The last time we saw such an upbeat zeitgeist that did not coincide with an immediate equity market correction was in 1999 when the dotcom bubble was in full bloom.
Tobias Levkovich FT 22 April 2021
The writer has been Chief US Equity Strategist for Citi since 2001
https://www.ft.com/content/eba424d5-185a-4d6c-805d-4a4a9e199f89
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