Watching the markets these days is like watching the seven stages of grief — shock, denial, anger, bargaining, depression, testing and, finally, acceptance. We clearly have not reached that last stage yet. This isn’t really about coronavirus — that was simply a trigger for a correction I have long expected. The US is in the longest economic recovery cycle on record, with mounds of global debt, falling credit quality, and decades of low interest rates driving asset prices to unsustainable levels.
如今觀察市場就像觀察悲傷的七個階段——震驚、否認、憤怒、討價還價、消沉、試探，最后是接受。我們顯然還沒有到達最后階段。這實際上并不真正關乎冠狀病毒；疫情只是觸發了我預計已久的回調。美國正處于有記錄以來最長的經濟復蘇周期，全球債務堆積、信貸質量下降，而數十年的低利率將資產價格推至不可持續的水平。
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