The 40% M2 print from March 2020 onwards was a varitable tsunami of money.
It pushed stocks and bonds and houses way above reasonable values.
Since the start of 2022 we have been “on the other side of the wave”
The retailers are surfers on the wave.
We have not reached the bottom yet.
But there will be rallies!!!!!!
Take Costco for instance
Sells for 37 PE and 40 times free cash flow.
Clearly worth about 100 B NOT the 200 B it is currently valued at.
So many of the large cap stocks still have significant PONZI values in their stocks that need to be burned away.
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