"Faith" In One Chart
Another day, another downgrade in the expectations for US economic growth in Q1 (to a mere 1.5%). But have no fear, oh ye of little faith, for the hockey-stick of hope will refuel that exuberance by the year-end to an underwhelming 2.7% 2014 growth rate...
Crucially, GDP will always mean-revert up from a drop... but profit margins will never mean-revert down from an exuberant extreme easy-money surge.
Bonus Chart: The Death Cross of Global Rationality continues
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