It you stand back from the markets, the degree of distortions we currently
see is of historic proportions. Frankly, I have never seen anything like this
before, including 1987, the 2000 Dotcom Bubble and the run up to the 2007 financial
crisis.
Corporate profits after tax are something we haven't seen since the gilded
age at the end of the 19th century, but it isn't because of growth and investment
but rather from labor cuts, unprecedented low interest rates impacting non-operating
expenses and financial gearing.
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