It starts with credit.
Bottom line.
This isn’t crypto where all these shitcoins can go to zero and it won’t matter to anyone who matters.
These aren’t marijuana stocks that are irrelevant to global asset allocation.
This is the bond market.
This is the biggest and baddest of them all.
We’re talking about almost a $120 Trillion asset class.
It’s just math: if there is real systemic risk in the equities market, you’re going to see it in credit.
There’s no way around it.
And so how are credit spreads doing?
As tight as they have been since last summer, and getting tighter: [Read more…]