Everyone has an opinion, but they never offer actionable advice. Perhaps it is because many have zero conviction after they shout their opinion. An empty trash can makes the most noise, and that has been been very evident in 2020.

CITI: “We analyse market drawdowns during ‘QE’ and ‘non-QE’ periods. Whilst pullbacks are just as likely to occur when CBs are undergoing QE, it removes the ‘fatter left tail’ in equity return distribution, and thus corrections are shallower”

Goldman Sachs: China’s key domestic activity data improved further in May, but by less than market expectations. 7 numbers:

1. Industrial production year-over-year growth was 4.4% yoy in May, vs. +3.9% yoy in April.

2. cement production was up 8.6% yoy in May, vs. 3.8% yoy growth in April,

3. automobile production accelerated to +19% yoy, from…[Read more]