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Mauldin Economics/John Mauldin/4-16-2021
“We have, without really noticing, severed the connection between share price and liquidity. This matters in ways I think we may not fully understand. Combine it with game-like mobile apps that let people buy and sell in individually tiny amounts that add up to the big numbers once reserved for giant institutions. And without any kind of institutional decision-making process to constrain rash moves. Further add trillions in government cash payments, often to people with time on their hands because they are unemployed, and who need ways to generate income. Of course, some turn to stock trading. It’s an attractive “side hustle” for a time when Uber driving is less attractive. If all you have is $100, that’s okay.…Where all this leads is uncertain but I suspect it won’t be good.”
USAGOLD note: Another on the long list of casually ignored warnings from heavyweights about the wildly-overvalued, over-played stock market……
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