There’s a global reset happening in equity markets and that’s a good thing.
The years of easy money via central banks’ quantitative easing is over and we’re getting back to a normal macro trading environment.
Companies need a hurdle rate to clear otherwise you get all these unicorns that grow quickly but will never be profitable. That’s not sustainable and I expect many to be marked to zero over the next 24 months.
It’s going to remain ugly over the next 6 months.
Long TLT and Eurodollar.