BILS - Weekly Commentary: Unnecessary Head-Scratching - Q3 2020 Z.1

• The blistering IPO market is but one of the myriad late-cycle manifestations of Acute Monetary Disorder.
• November's record $121 billion ETF inflow - boosting the y-t-d flow tsunami to a record $659 billion. SPACs and frenetic retail call option buying (one can only imagine current hedge fund derivatives strategies).
• The bottom line: Securities markets - profoundly speculative and unmoored. These darling IPOs - along with the equities market more generally - are dispensing some serious "wealth creation."
• Future historians will recognize it much more in the context of bubble period wealth redistribution and destruction. For now, this fiasco is one hell of party (patrons luxuriating at the endless punchbowl).

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