Do you want a “pure” look at how disconnected equities have become from the economic realities of the reflation narrative?
Sure you do. And your interest is appreciated by RBC’s Charlie McElligott who has the following chart for you:
(BBG, RBC)
We don’t really aspire to much in the way of professional standards here at HR so I’ll just be honest: I’m in the middle of something that involves sand, blue skies, and a cigar. Which means I’m writing this from an iPad. Which means I don’t want to try and type out a long explanation.
So, here’s a Heisenberg challenge: Google “Trump trades” with “cyclicals” and then draw your own conclusions about the juxtaposition with breakevens.
