It is strange enough that, over the last two years, the S&P 500 has gone up around 40%, without earnings growth. However, looking at how those earnings have been generated, it becomes clear that we are living in some kind of “Asset Price Distortion Field”.

Broken Money, Broken Markets
Today’s new highs are increasingly mechanical, not fundamental — and in a broken market, your 401(k) is the exit liquidity.

