Luckenbach, Texas, We Have A Problem

Waylon and Willie and the boys, where are you all now? For the first time since the calming of the financial crisis nearly a decade ago, the large cap U.S. stock market as measured by the S&P 500 Index is feeling pain. Not the pain from 2011 or 2015-16 that was grounded in reality but was quickly sedated away by phantasmal stock market gains. Today, U.S. stocks are feeling real pain like a trauma patient finally being allowed to awaken from a decade-long coma or weaned from a prolonged morphine drip. Indeed, we are long overdue to get back to the basics of investing in capital markets. But will policymakers allow the markets to get on with it?

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