As an institutional money manager, the highest risk to your job is being left out of a big upside squeeze.
You can justify losing money in a bear market, but not delivering bad P&L when the market goes up.
The institutional FOMO to chase the market upside is alive & kicking.
This is the highest rates will be for the rest of the decade, and the best opportunity to buy assets, especially technology companies that everyone says are dead… if your time horizon is 5 years or more, this is an amazing gift, so everyone under 75…
One of the biggest macro questions to answer now is whether Central Banks would accept a ''new normal'' with inflation at 3-4%.
Moving the inflation target just because they can't get CPI down to 2% would have a big negative impact on their credibility.
I don't think they will.