More headwinds
@Robert J. Teuwissen：
The global equity market is only just below its highest point ever. This is probably caused by the rotation out of bonds and even cash into equities. This is because the real interest rate (interest minus inflation) is so negative that investors are, as it were, fleeing in equities. Contrary to bonds or a savings account, companies are able to compensate for inflation, which is also demonstrated by the strong rise in producer prices. In the last quarter of last year, the US economy grew (annualised) by a nominal 14 percent. This year, nominal growth of 9 percent is still expected. The extremely negative real interest rate is also undermining purchasing power. This phenomenon can also be seen in countries like Venezuela or Argentina, as soon as hyperinflation occurs. Then these stock market
