It you stand back from the markets, the degree of distortions we currently see is of historic proportions. Frankly, I have never seen anything like this before, including 1987, the 2000 Dotcom Bubble and the run up to the 2007 financial crisis.

Corporate profits after tax are something we haven't seen since the gilded age at the end of the 19th century, but it isn't because of growth and investment but rather from labor cuts, unprecedented low interest rates impacting non-operating expenses and financial gearing.

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