Afternoon Note
Selling is on autopilot, almost the trend every Friday session for the last two months.
The great reset is lurching into a reckless phase and will snare more sellers, even those who thought were diamond hands, die-in-the-wool long-term investors.
Valuations will go far below par value (for many names we are already there). The argument for lower multiples based on higher yields has some validity. I'm still not sure earnings are going to come in at worst-case scenarios being baked into the market right now.
Panic in Europe, which could be heading for a very deep recession taking a toll on the energy sectors with crude coming down dramatically.
You can toy with the idea of buying short duration bonds but right now I think it’s best to hold your cash. Let's see how this shakes out, there is an aura of panic that must play out. The good news is these things usually come in flashes.
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