2/8 What we've been saying: banks and the consumer are no longer the problem. #Banks are the new utilities.
3/8 The #government and business sector are the problems. Businesses have seen record #debt and record low #tax rates help inflate margins to unsustainable levels.
4/8 The market's #pricing structure sure looks like it has this perfectly backwards.
5/8 Forever higher #margins at multiples with no #risk premiums in much of Private Equity, some tech and some other discretionary.
6/8 In contrast, #banks and basics priced like the world is ending with the cleanest #balancesheets and most capital discipline I've seen in 27 years.
7/8 Feels like it could be a long and volatile cycle. The #market is going to have to inflict massive damage on the path to #price discovery.
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