Daily Briefing – May 26, 2020

Published on
May 26th, 2020
Duration
34 minutes


Daily Briefing – May 26, 2020

Daily Briefing ·
Featuring Jack Farley, Ash Bennington, and Ed Harrison

Published on: May 26th, 2020 • Duration: 34 minutes

Managing editor Ed Harrison and senior editor Ash Bennington break down the brewing tensions between China and the United States. They comprehend the consequences of a potential "decoupling" between the two superpowers and analyze the possibility of a new Cold War. Ed and Ash also analyze the continued rise of U.S. equities and look forward to see whether the ongoing crisis will be the shortest recession in history or if there is some "post-snapback malaise" in store. In the intro, Jack Farley takes a look at what could be the first convertible bond default in the history of Chinese markets.

Comments

Transcript

  • JG
    Johan G.
    27 May 2020 @ 21:23
    Thanks Ed and Ash, I really enjoyed your frank exchange on some of the deeper issues underlying the 'daily news'. The US has many strenghts, but has a long way to go in other areas.... It lags China and Europe in 5G tech It still relies on cheques for payment, whereas most of the rest of the developed world is going electronic and cash free It hardly produces any steel or aluminum any more, certainly inadequate for its own needs if it wants to homeshore more industry(SpaceX use steel!) It hardly produces any merchant ships, and lacks the supply chain for that, dangerous for a maritime empire that needs to control the seas Its present policy alienates large parts of the world, and the US is seen as abdicating from its global leadership It has an expensive health service delivering 'third world' health service unless you are 'wealthy' Correcting these weaknesses is not a quick fix, and will disrupt the US and the world as we have known it
  • DI
    Dimitri I.
    27 May 2020 @ 20:34
    Ash is talking exactly about window guidance that a central bank can provide. Watch Richard Werner.
  • MG
    Malcolm G.
    27 May 2020 @ 20:33
    Very insightful. High five to the you two! The "new cold war", which we have been discussing for sometime is an intriguing but also frightening concept. I grew up under the previous cold war in a country with its own weird distorted economics and social system (only 1 guess allowed)... but what I do know is that if you are a libertarian or deep capitalist, you are in for a rough ride. Politics will "trump" (sorry), economics again until it can't any more. Markets (read equity) are in for a tough time. As for the emerging markets - to answer Ed's questions - they go to the highest (best near term 5- 10 years) economic offer / plan - sadly that in MHO is infrastructure and jobs from China, not US (hell have you travelled to the US lately). As for Europe I wonder if the assumption of new Europe aligning with the US is totally rational - hmmm. Thanks for thoughtful pieces and debates! Following with interest. M
  • MH
    Matthew H.
    27 May 2020 @ 19:16
    1 last thing, the Chinese don't play a 5-year plan, its 100-year plan. They are playing chess and we are playing checkers...
  • MH
    Matthew H.
    27 May 2020 @ 19:13
    @Ed Harrison. It would be interesting to see what you think about China's belt and road initiative. Do you think it's fair to say that China is in pre colonisation mode and could be pushed onto a war footing if the backlash is strong from COVID blowout? This is my concern. The law of unintended consequences is waiting to bite us all...Plus, you chuck in Thucydides trap and sadly, it's Game on.
  • wj
    wiktor j.
    27 May 2020 @ 14:50
    No matter how the china narrative is presented. Or even if Russia and china are going for their own swift system. Its kinda of a joke. One thing people forget is food. Both Russia and china imports food. So lets say Russia wants to buy food in Europe or any other place. Do you really think Russia can pay in Yuan? So what happens is as soon as Russia gets the Yuan they convert it into a currency which can be used to buy food with. If a conflict between Us an china come to be it will be the shortest conflict in history as the US needs only to starve the Communist party and that will be the end of that.
    • MH
      Matthew H.
      27 May 2020 @ 19:05
      China & Russia are both stockpiling gold. lots of gold. You have to peel the onion deeper than a currency game. that's all proxy.
  • pg
    pierre g.
    27 May 2020 @ 02:25
    A bit disappointed with the content on RV lately, as you grow the audience I guess it's natural but in my opinion it's less technical, less financially focused, and a bit dumbed down. I just watched two journalists discuss headlines, I'm not sure that's what I signed up for.
    • EH
      Edward H. | Real Vision
      27 May 2020 @ 02:36
      Pierre, I appreciate your honesty, which is why I am responding. But RV has had two of the best weeks of content in recent memory in my opinion. I am not talking about the RVDB but the Interview series: Hugh Hendry, Lacy Hunt, Howard Marks, Richard Koo, and Kyle Bass to name a few. How is that not what you signed up for? Ed
    • PB
      Pieter B.
      27 May 2020 @ 02:39
      Sorry you can obviously have your own opinion but the recent interviews were exceptional and that even was DURING covid. I guess it might be good to evaluate your expectations and perhaps practice some gratitude;)
    • MR
      Matthew R.
      27 May 2020 @ 02:48
      Dude, I really don't know what videos you are watching, but RV content has been great lately imo. The point of these daily briefings is to give an overview of the days headlines which I personally find really useful, and then you have the more in depth videos which have been amazing.
    • AB
      Alastair B.
      27 May 2020 @ 04:39
      The daily briefings are a loss leader to bring in more customers to the subscription content. Of course they are more accessible.
    • MR
      Matthew R.
      27 May 2020 @ 11:25
      Well they started as a way for everyone to cover the Covid crises, and make it accessible to all, I assumed in the spirit of public good at the time. But they could certainly could be used as a loss leader. I have found the content to be really useful.
    • PC
      Petros C.
      27 May 2020 @ 15:03
      I totally agree. Nothing personal, but Ed Harrison has evolved into a contrarian indicator: [1] There will be no tourists in Greece - Country opens to tourism [2] Italy back to Lira, Euro break-up - EURUSD stronger [3] Don't buy USO ETF @18 - USO @25 [4] Constant anti-China rhetoric - Has he ever visited the country?
  • DS
    David S.
    27 May 2020 @ 00:43
    In the 1970s, I believe, a famine hit China. Wild animals were allowed to be raised and sold in wet markets. China shut down the wet markets after Sars. They were allowed to reopen due to public pressure. The fact that China did not keep the wet markets closed after Sars is the fault of China. The Chinese wet markets need to be dealt with as a single issue. Science should be able to help us to eliminate the sale of animals that are the most likely to have viruses that can jump to humans like COVID-19. It is in China's own interest to control which animals can be sold. By wrapping the wet market issue with politics, the world has less of a chance that these markets will be controlled, DLS
    • PC
      Petros C.
      27 May 2020 @ 14:57
      They already done declaring a 5-year ban asap in certain areas. Hunting continues around the planet though
  • RS
    Rob S.
    27 May 2020 @ 13:44
    Really enjoy Ash and Ed (and Ash and Raoul) every morning. The Daily Briefing alone is worth the price of admission. Please don't stop, ever.
  • DS
    David S.
    27 May 2020 @ 07:05
    Mr. Bennington. In my opinion you have changed your role from financial journalist/participate to financial journalist/interviewer. I enjoyed listening to your financial point of view. You have seen and studied finance and the markets for years. You have a worthwhile point of view. Please let us hear it. Thanks. DLS
    • AB
      Ash B. | Real Vision
      27 May 2020 @ 13:28
      Thanks, David. Much appreciated.
  • MF
    M F.
    27 May 2020 @ 06:13
    Following on from Pierre G's comments, I have a slightly different perspective. Firstly, let me say I am a massive fan of RV generally and say the below comments all in the spirit of constructive inputs. I think the Daily Brief is a great concept, and Ed and the team are very bright and great parts of RV. However, I think RV may want to refocus them for this "Daily Brief" in a somewhat different way. The Daily Brief would--in my opinion--be much more useful to me as someone who deals with markets every day, if Ed and team gave 100% of the focus to the title "the Daily Brief", versus now, its more like 10-20% update on what happened that day, but 80% on bigger picture items (e.g. will bonds go to zero, will we have deflation or inflation, will the EC and Italy fight/break apart, will US/China relations deteriorate, etc.) All valid areas of discussion, but not for "The Daily Brief". I think the Daily Brief would be much more useful to me (and hopefully others) by having it as a punchy discussion of the key elements of markets for the Day (not the month, not the Quarter..just the day..or perhaps just the week). So, insights into what happened in markets around the world (but go across asset classes and see not so much what moved but what where the relevant moves and why..you could start with the GMM function on bberg which will show you what has moved several sigmas beyond their normal volatility ranges, and why; what is trending and reversing (WT function on bberg) and why, and what are the key economic, corporate, political elements coming up the next day. This is not so much a repeat of what you could get on other news shows, but rather real insight on drivers, and roadmap for the existing day/opportunities in the next few days..Tony Greer although more technically focused does a great job at seeing what the tape is doing, but if you could marry that with the fundamentals you guys are on top of. I think the "Daily Brief" can be more relevant to what is moving key assets, what is coming down the road tomorrow etc. Again, not saying Ed and Team's insights are not valid nor useful--they are!--just that a Daily Brief could be much more useful if its more focused/specific/targeted on actionable trades, dislocations that day in assets, factors driving/that could drive things in the days ahead..not the bigger picture which currently the Daily Brief is 80% focused on which could be covered under another banner for other bigger picture interviews. The Daily brief could be an invaluable go-to piece for market guys, rather than currently, which is an interesting discussion every day on longer-term trends. For what its worth.
    • FG
      Frank G.
      27 May 2020 @ 09:34
      agreed
    • MR
      Matthew R.
      27 May 2020 @ 11:15
      I disagree personally. I don't think it's possible to simply reel out a list of events happening during the day without looking at the wider context in any serious discussion. The days events are generally just noise, and you can get that by watching channels like CNBC. Personally I think these daily briefs are perfect precisely because they cut out all that noise and give a deeper look behind what is really happening. That China discussion was incredibly interesting as it is what SHOULD be on the front page of newspapers right now.
    • EH
      Edward H. | Real Vision
      27 May 2020 @ 12:53
      Ed Harrison here. Really appreciate the feedback. And I think this is something we should address in a 'Ask US Anything' version of the show at the end of the week. I tend to be more in Matthew R's camp on this when he replied "The days events are generally just noise, and you can get that by watching channels like CNBC." For me, the question goes to what RV's core competencies are and what RV can provide you that CNBC cannot. And I think it's a macro understanding of how today's events fit into a broader context. That'[s my take. But different people are going to have different answers to that question, of course. And that's why I am glad you took the time to give us your perspective. Cheers, Ed
  • JC
    Joseph C.
    27 May 2020 @ 12:42
    It is disappointing that the narrative China is a well planned system and the US is a dim witted collection of buffoons gets repeated here on RV. Like most things, there is the narrative and then there is the reality. I can get the narrative from any number of free mouthpieces, I pay money for RV content to understand the reality. Most believe that the US political system is dysfunctional and highly divided. Few consider that this may be the purpose; to create a bulwark and ensure that each party gets about half the available seats. Through this lens, the re-election rate of around 95% makes more sense as does the threat that Donald Trump poses to BOTH parties. Many political events are seen in a new light. There are a lot of very bright people outside of China. Make the assumption that these people have a plan and the world that we see is roughly following that plan. As recent RV guest Dr. Werner stated, 'don't listen to what the Central Banks are saying, watch what they are doing, perhaps the goal of Central banks is not to save commercial banks but to eliminate them.' That is where I would like to see RV content and discussion focus, discounting the propaganda and trying to understand the reality.
  • JD
    John D.
    27 May 2020 @ 08:16
    In the spirit of free market innovation, I personally am convinced that the rebooted version of Libra (see white paper 2.0) , will be the US's (and beyond) solution to digitisation of FIAT - it is designed to enable greater proliferation of low cost banking/transactions to everyone in the world, using central bank controlled currencies, specially the USD and EUR. This allows the Fed/Treasury to exist with it's present controls/facilities whilst making USD more accessible globally... great if you live in Argentina or Venezuela.
  • OC
    Otto C.
    26 May 2020 @ 23:14
    I am surprised that Jaime Diamond is not in jail
    • DS
      David S.
      27 May 2020 @ 07:17
      Who is Jaime Diamond? Maybe you are referring to Jamie Dimon the Chairman and CEO of JPMorgan Chase. The son of Greek immigrants in New York. If you are, I think of him as one of the good guys. If he said that JPMorgan Chase is undervalued people listen because he has a history of being correct. Banks are having a hard time as it is. Most will not survive the onslaught of the Fed zero bound, non-sloping yield curve. Let us give him a break. DLS
  • GS
    Gary S.
    26 May 2020 @ 23:55
    All US China tensions will be miraculously resolved the day after the election. Dont be sheep people. Do you really believe the US will give away a market with 1.4 billion people to save some jobs in the rust belt?
    • DS
      David S.
      27 May 2020 @ 06:56
      Sorry Gary S., I do not think so. You are correct that international corporations will try to make money anywhere they can. The problems will be the hatred generated in an election to win cannot be restructured toward a rational point of view after the election. We live in a time which is post-Enlightenment - emotions triumph over rational thought. Enlightenment dies on the guillotine of Populism over and over. Populism is tempting because there is bit of truth in it. We discuss a "plan" when we see a statement on a news channel. It would be a plan if it were part of Congressional legislation or and administration proposal to Congress, but not an item on Fox or CNBC news. It is part of the end of days of the Republic. The bell has not been rung yet. There is still a way to go. DLS
  • se
    steve e.
    27 May 2020 @ 00:36
    Taleb would say that 5 year plans are a waste of time.
    • AB
      Alastair B.
      27 May 2020 @ 04:40
      The first one worked pretty well though, back in the day.
    • DS
      David S.
      27 May 2020 @ 06:30
      When the future is opaque, a five year plan only helps in hindsight with what went wrong. DLS
  • AB
    Alastair B.
    27 May 2020 @ 04:31
    Be careful not to overstate the alignment between Russia and China. Russia prefers stronger relations with Europe, and weaker relations between Europe and the US. Russia does not trust China in geopolitics.
    • DS
      David S.
      27 May 2020 @ 06:23
      I agree, but Russia will use anything for a short-term advantage just like the US administration. The only difference is that Russia is much more strategic, and the US is not even tactical. DLS
  • RC
    Robert C.
    27 May 2020 @ 05:53
    The thesis of the market not pricing in the 3-6 month impact of COVID is being validated on a daily basis in my opinion. If you look at New Zealand, where we have just had our 5th day of no new COVID cases, we are slowly getting back towards regular activities. The stock market however has trended with global markets heading towards pre-covid levels. What hasn't been factored in is the downstream impacts of the massive job losses we have had over the past 2 months that are not likely to come back. AirNZ our national airline announced they are looking to cut 4000 staff Fletcher Building out national building company is cutting 1000 jobs, and thousands of contractors throughout the country losing theirs on downstream impacts Various different tourism industry (3rd biggest industry) jobs across the country being lost (150 from a bungy jumping company alone) Millennium and Copthorne hotels cutting 910 jobs Various retail chains closing stores, such as Smith City 115 jobs Today Fujisu announced 100 jobs to go. While these numbers appear small from an international context, New Zealand has 2.66 million people currently in the labour force. If you want an early look at the post economic impact of COVID, I would suggest looking at the New Zealand market and adjust your expectations accordingly to your own countries response to the virus. This is coming from a New Zealander who would rate our response as one of the best in the world.
    • DS
      David S.
      27 May 2020 @ 06:17
      Well said. First congratulations on your approach and implementation to the COVId-19 crisis. I wish you continued success. We cannot look at most stock market to reflect future discounted future cash flows. There is so much money and leverage looking for a home, that the discounting function of the market is dead. If it every returns to normal, a lot of money will be lost. Until then be careful. DLS
  • IP
    IDA P.
    27 May 2020 @ 05:50
    Dear Ash, to be a world dominant leader, it helps to hold the reserve currency, the US is the only country who is not forced to take on debt in foreign currency
  • IP
    IDA P.
    27 May 2020 @ 05:39
    I wish Europe had a 1 year plan
  • DP
    David P.
    27 May 2020 @ 04:57
    The US may however being a longer term threat than China to Europe's ability to decide of their own destiny (after Europe itself). You should expect the EU to slighly play both sides to try to free themselves from the US which are holding a lot more control in key sectors (defense, Internet infrastructure or "tech", the USD) that make each EU country, partially, a US colony. China failing and the EU breakup, if they happen, are both incredibly bullish for the US state and large corps that will centralise all power even more than before.
  • OC
    Otto C.
    26 May 2020 @ 23:13
    A US v China war is has high probabilities given China's long-term plans. China has said that it'll retaliate to any threat to its sovereignty. Hong Kong could be the trigger.
    • AB
      Alastair B.
      27 May 2020 @ 04:43
      Proxy wars perhaps, but total war no. How could the US or China invade each other across the Pacific? How could they fight when both have a secondary nuclear deterrent? War will be one of economic posturing, alliances and trade at the most, like a second Cold War. Nothing more.
  • PB
    Pieter B.
    27 May 2020 @ 04:22
    This was a fantastic conversation! Thanks a lot guys!
  • HJ
    Harang J.
    27 May 2020 @ 04:09
    Really interesting discussion. Never thought about tech standards in the context of geopolitics.
  • KW
    Ken W.
    27 May 2020 @ 04:01
    Please add the resources referenced to the content description
  • PK
    Patrick K.
    27 May 2020 @ 03:58
    https://www.foreignaffairs.com/articles/china/2020-05-20/could-chinas-digital-currency-unseat-dollar - Could China’s Digital Currency Unseat the Dollar? An interesting article and the USA will need to play catch up in the space.
  • EJ
    Eric J.
    27 May 2020 @ 03:04
    I think this is one of the most telling articles I've read in quite some time. It speaks directly to the mood of the country as we reopen, which is key to the recovery story. Will consumers buy? : https://www.buzzfeednews.com/article/annehelenpetersen/recession-unemployment-covid-19-economy-consumer-spending?utm_source=pocket-newtab
    • SH
      Sahil H.
      27 May 2020 @ 03:41
      That's a good insight. Thanks for sharing
  • RH
    Rob H.
    27 May 2020 @ 00:10
    I like these deep dives, it would be great if they could put links to the article they reference below the video, but I'm sure they don't want people leaving RV site for another.
    • RH
      Rob H.
      27 May 2020 @ 00:12
      At the very least they could link the RV videos.
    • EH
      Edward H. | Real Vision
      27 May 2020 @ 03:24
      Rob, here you go. The URLs of some of the articles I referenced today about China are below: https://www.scmp.com/news/china/diplomacy/article/3085354/us-senate-passes-bill-boost-oversight-chinese-companies https://www.scmp.com/economy/china-economy/article/3085501/china-overtakes-us-no-1-buying-power-still-clings-developing https://www.reuters.com/article/us-health-coronavirus-china-sentiment-ex-idUSKBN22G19C https://www.theglobeandmail.com/opinion/article-in-canada-the-tide-of-opinion-is-turning-on-china/ https://www.bloomberg.com/news/articles/2020-05-24/beijing-urges-u-s-to-drop-wishful-thinking-of-changing-china https://www.scmp.com/economy/china-economy/article/3085683/coronavirus-china-five-year-plan-focus-independence-us
  • NJ
    Nimitt J.
    27 May 2020 @ 03:00
    One of the best daily briefing talks esp. when you guys talk high tech. Thank you. Any updates on the slack channel?
  • AS
    Ash S.
    27 May 2020 @ 01:43
    Glad you expand on explanations such as the five eyes to better contexr. Great work.
  • DS
    David S.
    27 May 2020 @ 00:47
    A statement on Fox News or CNBC is not a plan. DLS
  • NL
    Nikola L.
    27 May 2020 @ 00:43
    great discussion on China which is very relevant for me at the moment as I am shorting AUD. Difficult trade as global stimulus is driving AUD to the moon while geopolitics wants to bury it in a very deep hole.
  • SK
    Shiu K.
    26 May 2020 @ 23:42
    What happens if Nuclear War erupts? Think about that fellas.
    • NL
      Nikola L.
      27 May 2020 @ 00:31
      we all die. what's to think about?
  • BE
    Benjamin E.
    27 May 2020 @ 00:27
    Great discussion today. Cheers.
  • OM
    Owen M.
    27 May 2020 @ 00:24
    Where does Europe / EU stand in their geopolitical views of China within this framework?
  • SS
    Shanthi S.
    27 May 2020 @ 00:21
    Great stuff!!
  • PN
    PJ N.
    27 May 2020 @ 00:20
    Markets are definitely not pricing China risk correctly. Australia is a great example. It is the most exposed western country to China and was a proxy during 2019 to gauge the severity of the trade war. Yet, in 2020 with something more severe than a trade war brewing (not to mention covid), the Australian dollar & All Ords (Aud stock market) have been rocketing higher .
  • mb
    mark b.
    26 May 2020 @ 23:26
    I think its worth remembering the Chinese have a closed capital account and a seriously overvalued currency....This might hinder many global ambitions
    • AB
      Ash B. | Real Vision
      27 May 2020 @ 00:03
      Yes. It’s an excellent point. Kyle Bass talks about this in detail with raoul in his most recent interview.
  • HC
    Hahns C.
    27 May 2020 @ 00:02
    Nice haircuts guys!! I love it!!
  • JH
    Jason H.
    27 May 2020 @ 00:01
    Ed and Ash, I love hearing your take on what's going on in the world. Great work! However, you are not alone in talking about the long-lasting social changes that will result from COVID-19. I would love to hear you guys discuss why COVID is different from the previous pandemics. That is, if pandemics result in new societal norms, why didn't the last few pandemics already elicit those changes? Thanks!
  • ED
    Edward D.
    26 May 2020 @ 23:57
    Just to point out, the US isn’t particularly competitive in the 5G / telco equipment space. The two big competitors to Huawei are Nokia and Ericsson (both European).
  • PW
    Paul W.
    26 May 2020 @ 23:48
    Awesome piece.
  • WM
    William M.
    26 May 2020 @ 23:38
    You guys are all very valuable at any time!
  • RC
    Ron C.
    26 May 2020 @ 23:38
    Always impressed with how much Ed follows Canada
  • WM
    William M.
    26 May 2020 @ 23:34
    In Foreign Affairs: Could China's Digital Currency Unseat the Dollar? https://www.foreignaffairs.com/articles/china/2020-05-20/could-chinas-digital-currency-unseat-dollar
  • KD
    Kaj D.
    26 May 2020 @ 23:30
    Outstanding Jack, Ash & Ed, thx
  • mb
    mark b.
    26 May 2020 @ 23:26
    I think its worth remembering the Chinese have a closed capital account and a seriously overvalued currency....This might hinder many global ambitions
  • MG
    M G.
    26 May 2020 @ 23:19
    Thank you! This discussion left me the most optimistic in years! My reasoning: Cold war is going to be as good to mobilize the west as it was last time. (Due pain aside) Yes it's going to be difficult. Nevertheless China has no chance in this competition b/c of the Western civilisation advantages summed up in Niall Ferguson's six "killer apps," or social developments of the west: - competition - scientific revolution - property rights - modern medicine - consumer society - work ethic And speaking of the 5-year plan that Ash is longing for; The State of the Union address could suffice?
  • jg
    jesse g.
    26 May 2020 @ 23:19
    I love how well they communicate with one another. thank you Ash and Ed!
  • SN
    SAT N.
    26 May 2020 @ 23:03
    India-China relationship also needs to be factored into discussion on US-China-Russia geopolitics. Their border skirmish is heating up: https://www.ndtv.com/india-news/pm-modi-meets-national-security-advisor-chief-of-defence-staff-and-service-chiefs-over-india-china-face-off-in-ladakh-2235464 Interestingly, India and Russia have shared a long relationship in tech and defense since the US-USSR cold war era (even though India initiated and was part of the Non-Aligned Movement (NAM)). India has been a major customer for Russia's military equipment. But over the last decade, especially under Modi, India has been gravitating towards US.
  • CC
    Christopher C.
    26 May 2020 @ 22:59
    I would say "Real Vision is very valuable at its current price" but I don't want y'all to pull a Jamie Dimon.
  • PD
    Peter D.
    26 May 2020 @ 21:46
    Starting with Ash, then moving to Jack, then back to Ash works better.
    • TC
      Thomas C.
      26 May 2020 @ 22:23
      I agree
    • AB
      Ash B. | Real Vision
      26 May 2020 @ 22:55
      Thanks guys. We put a lot of thought into format & structure. And we always appreciate the feedback.
  • MD
    Michael D.
    26 May 2020 @ 22:49
    Who is funding infrastructure development in Africa? On the face of it it is all China and a lot has been written about their modus operandi (the Sri Lankan port development is a good case study). I find it amazing that the West, in general, and the US in particular has been absolutely absent in pushing back on this. As an African I find this totally unsettling and the prospect of a colonial China is absolutely frightening. Too many in the West underestimate the scale of Africa. An Africa that is capacitated by China, with its its young and growing population and its abundant natural resources suddenly has to be the potential to play a much larger role on the geopolitical stage.
  • MT
    Mark T.
    26 May 2020 @ 22:41
    I continue to look at the underlying components of the S&P500 and at the time I was looking today, less than 100 of the 500 companies were up YTD.
  • MD
    Michael D.
    26 May 2020 @ 22:31
    Great piece guys. Thank you
  • TC
    Thomas C.
    26 May 2020 @ 22:24
    Very good points
  • JS
    Jon S.
    26 May 2020 @ 22:22
    Shortest depression EVA...