Watching the markets these days is like watching the seven stages of grief — shock, denial, anger, bargaining, depression, testing and, finally, acceptance. We clearly have not reached that last stage yet. This isn’t really about coronavirus — that was simply a trigger for a correction I have long expected. The US is in the longest economic recovery cycle on record, with mounds of global debt, falling credit quality, and decades of low interest rates driving asset prices to unsustainable levels.
如今观察市场就像观察悲伤的七个阶段——震惊、否认、愤怒、讨价还价、消沉、试探，最后是接受。我们显然还没有到达最后阶段。这实际上并不真正关乎冠状病毒；疫情只是触发了我预计已久的回调。美国正处于有记录以来最长的manbetx20客户端下载 复苏周期，manbetx app苹果 债务堆积、信贷质量下降，而数十年的低利率将资产价格推至不可持续的水平。
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