Herding cats

Putting all my asset allocation ideas together is just that: herding cats. They do not hang together with the seamless patchwork of consensus ideas of endless money printing, government spending and rising equity markets. It starts with the observation that the virus is waning. It is too early for this decline to have been caused by vaccines. But if the factors causing it to happen dovetail with the rising efficacy of mass vaccinations, economies will return to “normal”. Of course, it will be a “new normal”. There would still be economic “scarring” to be dealt with. But much of this may be structural and not something that monetary or fiscal policy can cure.

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