$UVXY Today’s record stock prices belie a likely hard economic landing that may lie ahead... We’ve got a stock market that has detached itself from reality. Often, as might be the case, sharp and unrelenting advances lull us into a false sense of security, particularly when global economic growth is so fragile and beginning to show signs of deteriorating. To me, there is only one inescapable economic conclusion – inflation and interest rates are heading higher as better economic growth is delivered by the unprecedented stimulus. Unfortunately, the stimulus is in the form of mostly transfer payments and not in expansion of productivity or capacity. Doug Kass, famous hedge fund manager
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