The jumbo rally in risk assets continues. New post-crisis highs in equity and commodity prices are reached every week. It’s blue skies ahead. But I remain in the camp of the worried. This rally is not sustainable. It is driven by expectations of a quick and durable recovery in economic growth and fuelled by government support for asset prices and leverage.
The rally in risk assets is unsustainable because the markets’ view of a V-shaped economic recovery will be disappointed.
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