Thanks for this.

Been a nice run for a decade. Two years ago, the writing was on the wall with the initiation of policy normalization. The market run since is not uncommon, and is actually to be expected at the end of any trend. When there is a sense a great party is getting closer to winding down, everyone piles in to get those last licks.

But now, with rates moving back to a sensitivity point (after a decade of investor immunity to downside risk from free money central bank proponomics ), portfolio managers can no longer easily justify equity market valuations.

I think it’s also important to highlight the fact that Fed policy strategy post crisis has created a real disconnect between the financial market economy and real economy - a disconnect that must be reconciled.

Here are some more thoughts re where the MarketPunks team believes this correction could take us in the months ahead. 👊😎