“Trumpets and violins I can hear in the distance
I think they’re calling our names
Maybe now you can’t hear them, but you will
If you just take hold of my hand
Ah! But are you experienced?
Have you ever been experienced?
— Jimi Hendrix, Are Your Experienced?
I am unequivocal. I remain manifestly bearish on both stocks (value, growth and meme), bonds, Bitcoin and NFTs.
Stocks and Bonds Are Richly Priced
It makes no sense to say, as many do, that equities are inexpensive against an overpriced asset class (fixed income). Most traditional metrics indicate that stocks are at least in the 95th percentile — a non trivial amount of indicators of valuation are in the 99th percentile.
Cryptocurrencies Are Vulnerable
The problem with fiat currencies, like the U.S. dollar, is that monetary authorities can create an unlimited amount of new dollars or other currencies — making it look, to some, like a Ponzi scheme.
The problem with…