In our last commentary, we opened by discussing the drastic change in expectations in the 18 months that followed a truncated 2-month recession. We went from worrying about losses to beating the S&P 500, then the QQQs, then ARKK, then Bitcoin and Ethereum, and finally, the Bored Ape Yacht Club NFT. Reality has set in. Stocks across the board are down, QQQ is down -11.37% alone through January 28th. As a market, we are actively participating in price discovery in this new pandemic-becoming-endemic hybrid economy on the backs of never-ending quantitative easing (QE). The best way to describe the current state of QE is to compare it to the healthcare industry. Our economy is essentially forever hooked up to a dialysis machine with no chances of detaching – only small tweaks in our dependency on it for survival.
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