As in, investors are running out of it, and the shortage could threaten the 8 1/2-year equity bull market that we've come to know and love.
It's a new reality facing investors of all types. While money market assets make up a record-low 17% of long-term funds, the cash balance of equity mutual funds also sits at an all-time low of 3.3%, according to data compiled by INTL FCStone.
And the firm doesn't mince words when discussing the increasingly dire situation.
"A decade of financial repression has turned cash into trash," the firm's macro strategist Vincent Deluard wrote in a recent client note. "There are a lot of fully-invested bears out there. There is not much sidelines cash left to push stocks higher."
The wealthy are guaranteed advanced knowledge of volatility because they form the key component of the Goldman-Sachs debt cartel. The cartel is not sustainable because keeping low volatility requires keeping a flat curve, and the economy cannot sustain a flat curve.
So, all the money is invested and the curve is flat and government can borrow at affordable interest.
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