The Myth of the Fed Pivot

We've been conditioned to expecting the Fed pivot, the Fed to turn around and make sure that we don't go into deep depression because of all the debt on our books. When it does, man, if you look at that chart in March 2020, and you look at how quickly these risk assets pivoted straight up, you couldn't catch them. And I think that there, there are managers who are scared of missing that, that run, even if it means that they're buying a little bit early.

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