Economist: Will the Fed Liquid Wave Continue?

elarian thinks equity markets will continue to grind higher as long as the feds liquidity wave continues. Investors are in a relative valuation pater, so where else do you go? Fixed income is not clear that that's where you want to go as a return engine and i certainly not a diversifier. Lots of investors cannot go into private credit and to venture into private equity. So it leaves the equity market. It's this notion that we had at pimco of the cleanest dirty shirt. The risk that we all want to avoid is an abrupt change from relative valuation to absolute valuation. And that's the paradime shift that we're all trying to avoid.