WCLD - Rising 10-Year Yield Should Cause The Nasdaq To Crash

• Stocks are expensive on all metrics besides those based on low yields.
• Yields are rising due to the economic reopening and the fiscal stimuli.
• The Fed will follow the market and lean hawkish.
• The most vulnerable stocks to rising yields are in the tech and consumer discretionary sectors (anything with a high multiple).
• Energy and the financials (banks) are the safest investments.

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