"Worriers Are Going To Worry" -- Bank Of America -- March 19, 2021

Re-posting:

"Worriers are going to worry" -- Bank of America. Three pillars for this bull market:

• liquidity (really, really, easy money)
• earnings growth
• breadth of market recovery

Graphic at the link:

The data points:

• March 23, 2020: VOX -- how the Covid-19 recession could become a depression; MSCIAC World Index at 375;
• April 3, 2020: NYT - half the world is on lockdown; for sports? more like 99%;
• April 10, 2020: National Geographic -- why a coronavirus vaccine could take way longer than a year; [and, of course, President Trump will never be given any credit until historians re-write the history in twenty years]
  
• May 9, 2020: Economist -- a dangerous gap; the markets vs the real economy
• June 9, 2020: CNBC -- the US is officially in a recession; will is actually become a depression; MSCIAC World Index at 540;
• July 14, 2020: Merck -- Covid-19 vaccine hype a "grave disservice to the public"
• August 23, 2020: WSJ -- The median S&P stock has never been more expensive
• September 22, 2020: WEF -- 600 CEOs surveyed by The Conference Board, only 11% predicted the recovery will follow a V-shaped economy;
• October 14, 2020: NYT -- Covid-19 trials have been paused for safety; that's a good thing. [coming just before the election; pretty much insures Biden will win]
  
• November 24, 2020; WaPo -- foreign observers shocked by chaos over US election; [in retrospect, pretty smooth, wouldn't you say?]
  
• December 23, 2020: NYT -- Some said the vaccine rollout would be nightmare; they were right. [Not really.]
  
• January 27, 2021: NPR -- why scientists are very worried about the variant from Brazil [whatever happened to the Brazilian variant?]
  
• February 5, 2021: Bloomberg -- when will life return to normal? In seven years at today's vaccine rates; [in Texas, things are pretty much back to normal]
  
• March 10, 2021: NYT -- Inflation fear lurks; even as officials say not to worry; MSCIAC World Index at 675;
• March 19, 2021: NASDAQ sell-off; oil plummets 8%; no driver observed;

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Schwab Wine-Tasting Event

Incredible.

Notes posted here.