I just think PMs have the strongest sense of smell when it comes to detecting changes in liquidity.
They bolted furthest and fastest back in the 70s after Nixon turned on the hose.
The moves have become far more muted over time.
Sensing eventually there would have to be a reckoning.
A lot of the valuation out there was driven by leverage, and where it now seems that the income streams being generated aren’t enough to service the debt incurred. That’s a problem. And sustainable growth can’t be found with this level of (global) debt overhang.
I just think PMs have the strongest sense of smell when it comes to detecting changes in liquidity.
They bolted furthest and fastest back in the 70s after Nixon turned on the hose.
The moves have become far more muted over time.
Sensing eventually there would have to be a reckoning.
A lot of the valuation out there was driven by leverage, and where it now seems that the income streams being generated aren’t enough to service the debt incurred. That’s a problem. And sustainable growth can’t be found with this level of (global) debt overhang.
“I just think PMs have the strongest sense of smell” – yea, I think they “stink” too! That’s the nicest way I have ever heard that phased before!
🙂