It’s Always 20/20 In The Rear-View Mirror

From my perch, the major contributing factor to the relentless market climb was the unprecedented liquidity infusion by global central bankers which created an air of invulnerability and a period in which price discovery was lost in a flood of money and in which no adverse consequences were being considered to that monetary largesse.

For a long while, price has not been truth — stock prices continued their rise and, for most market participants, skepticism and doubt had left the room in one, long momentum trade.