The Bull Market in Complacency

Nov 28, 2023

∙ Paid

Highlights

The bull camp is getting crowded, but this is a FOMO (not fundamental) rally
November will be remembered as the month the war against inflation was won
Soft PPI, deflating rents and the ongoing oil price slump signal more disinflation to come
Mean-reversion on home affordability and the yield curve will drive substantial returns on long bonds