Read full text: https://rubino.substack.com/p/recession-watch-did-the-everything
 | Sometimes, when you’re in the middle of something, it’s hard to see it clearly. For many investors, that’s the case with US equities, which are now more expensive relative to the rest of the world than ever before — by a wide margin. rubino.substack.com |
History teaches that the biggest imbalances are resolved in the most violent ways. If trillions of real estate and AI spending turn out to be “malinvestment,” the ride down to intrinsic value will be epic.
