In the immortal words of Taylor Swift, "shake it off." That appears to be the meme of the new normal. Terrorist attacks - buy em; looming World War 3 - buy it; plunging earnings - perfect!; collapsing capex - bullish; soaring inventories - back up the truck; crashing homeownership - awesome sauce! interest rate are going to rise - brilliant!
[4]
And while the ongoing carnage in the credit market is being ignored for now ("well, that's just energy, right?" nope!)...
[5]
The fact of the matter is, as one manager pointed out that there are the most distressed bonds trading in six years - warning, "it's not just energy, it's everywhere."
Ignore that!
Charts: Bloomberg
