How cash-burn machines power the real economy, and what happens to the economy when investors refuse to have more of their cash burned.
Having burned cash for 22 years and counting.
The phenomenon has reached historically huge proportions in the Everything Bubble era. But it comes in cycles – with a big impact on the real economy.
OK, so we have a phenomenon here that has taken on historically huge proportions in the era of the Everything Bubble.
It gets costly when the entire market depends on a handful of over-hyped mega-caps.
Wow, that was fast and huge. This junk-bond market is in peak-bubble mode.
Shares Soar. Bond market on cloud 9.
It lives in a fantasy world.