- This is the most difficult year in many decades to write one of these. Never before have both the macro and finance environments been so exceptional.
- The biggest unknown for 2021 is what happens to the giant household savings bubble. There are a very wide range of possible outcomes based on that.
- “Stimulus” checks are on the way. The last time that happened, the savings rate was 34%, and a lot wound up in the stock market.
- But after the fiscally-fueled surge dies down, market participants have some very tough questions to answer.
For further details see:
2021 Outlook: The Deep End Of The Pool