Short term, we’re still way above 2009 lows adjusted for inflation.
Sometime this month we may hit Great Depression levels of unemployment. We’re probably at a post-GD all time high right now.
Fed intervention is very appropriate, but pumping money in response to a supply and demand shock doesn’t seem like it fixes things. Many of us won’t spend it, and the ones that do drive inflation. The latter is important now to prevent deflation, but getting it right is hard and the modern Fed has always erred on the deflationary side.
Non-US returns measured in dollars will suffer if people all pile into and drive up the dollar. This is already happening, with the peso quickly going from 18 to 24.
SP500 range in 2016 was 1900-2300. It is about 2600 now. It has looooong way to drop still without being a strong buy.
When Tesla isn’t worth more than GM and Honda and Ford put together, maybe then stocks won’t look so frothy.
