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The Polarisation Spreads

Hi all,

An update on current market views. We have used the april bounced to raise cash level to highest level since 2008.
Risks are abound. On top of the headline news mentioned in my email sent out in mar, I notice 2 disturbing trends:

  1. The fed balance sheet is at all time high, but money multiplier and velocity is at all time low.
  2. Rising evidence of sme facing financing and margin pressure, symptoms of stagflation are flashing.

Stay defensive.