“Bass starts by reflecting on the ongoing (and escalating) money-printing (or balance sheet expansion as we noted here) as the driver of stock movements currently and would not be surprised to see them move higher still (given the ongoing printing expected). However, he caveats that nominally bullish statement with a critical point, ’Zimbabwe’s stock market was the best performer this decade – but your entire portfolio now buys you 3 eggs’ as purchasing power is crushed. Investors, he says, are ‘too focused on nominal prices’ as the rate of growth of the monetary base is destroying true wealth.”
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