The Circular Delusion Of Markets: How Earnings Growth Runs On Borrowed Money (& The Smart Money Is Leaving)

They will tell you it is "a return to normal rather than a boom". Then they will show you the numbers...

There is a particular genre of Wall Street research note whose reassuring headline is contradicted, line by line, by its own data. This week Goldman Sachs produced a small library of them.

"A return to normal rather than a boom"