How long will the recession last? How deep will it be? What are the long-term implications for the economy, markets, and society? The global pandemic has ushered in a period of extreme uncertainty and investors are left with too many unanswered questions and afraid for their portfolios. Where do we go from here?
By most measures U.S. stocks and global bonds have pushed well into high valuation territory, which has preceded periods of very-low prospective returns in the past. For investors to achieve the same results as they achieved over the past 10 years in the next decade, we will have to experience a third major bubble in a row.
For months, investors have been scaling what feels like an endless wall of worry. Each concern that gets resolved seems to spawn new uncertainties, yet the market has continued its relentless climb higher.
We’ve lived this movie before. Last August, AAII bullish sentiment struck a 52-week high right before the Fed launched its September rate cutting cycle.
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