If this idea has reached CNN, imagine how far along the conversations BEHIND the scenes are - on both sides of the potential divide.
Mainstream is the last place where stuff like this gets talked about, not the first.
Financial conditions are too loose for inflation but too tight for financial assets near record valuations.
If this is the beginning of another decade of higher-than-average cost of capital, equity markets are yet to reflect these changes in fundamental multiples.
Thread🧵
👇