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Tesla Inclusion, the Omen of the Uncontrolled Euphoria (according to the SEC) in our Financial Zombie World…

Dec 18, 2020 | Internal Announcement

In our Global Macro Insight of today :
– It doesn’t seem to worry anyone that leverage, represented by the Debt / Net Income ratio, is at an all-time high since 1986 and 12 percentage points above the 2008 record, while credit spreads are lowest (cf. the graph above) …

-This brings us to the understandable, but at the same time mind-boggling, the statement from the boss of the SEC. Jay Clayton said on CNBC: “We can’t regulate euphoria”

-Your scribe believes that December 22 and January 6 could be two important and difficult dates for the markets,….

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