Two days ago we were shocked when we read a blog post by one of the most powerful investors in the world, the head of the global asset allocation at the world's largest asset manager, Blackrock, who explained that in a time when the Fed is openly buying junk bonds, investors can stop pretending they care about fundamentals and should just buy whatever the Fed is buying: "we will follow the Fed and other DM central banks by purchasing what they’re purchasing, and assets that rhyme with those"
And there you have it: with that one sentence, the world's most important asset manager just made millions of financial advisors, Wall Street strategists, and MBA analysts obsolete, because in a centrally planned market only one thing matters: what the central planners are buying or selling. That's it. You can cancel you WSJ subscription; you can stop paying your financial advisor 2 and 20 (or 0 and 1 now that the Fed has made everyone into a genius financial advisor), you can cancel your Bloomberg terminal. All you need to know is what ETFs the Fed is buying.
And so, in this centrally-planned market for absolute idiots with Blackrock, which just happens to also be executing the Fed's trillions (soon quadrillions) in open market asset purchases, throwing in the towel on investing as we know it, we were delighted to find that that other investing giant and ETF manager, State Street, picked up on what we said this weekend in "Here Are All The ETFs That Will Be Bought By The Federal Reserve" and is now literally selling equity ETFs that it believes the Fed will soon be buying - arguably as soon as the next crash when Powell will start buying stocks - with which the Fed's takeover of all markets is now complete.