Bonds are screaming bloody murder. By contrast, stocks are taking everything in stride, betting more strongly on disinflation, soft landing, a few rate cuts, every possible Goldilocks angle. Or so it would seem. What do equities really price? Not fundamentals like "liquidity" as is so often claimed nor the economy. Valuations are a fiction. History shows us where the heart of the NYSE really lies, which means there is substantial risk diverging from bonds. Eurodollar University's Money & Macro AnalysisCNBC: A brief history of the 401(k), which changed how Americans retirehttps://www.cnbc.com/2017/01/04/a-brief-history-of-the-401k-which-changed-how-americans-retire.htmlRobert Shiller 2013 Nobel Prize Lecturehttps://www.nobelprize.org/uploads/2018/06/shiller-lecture.pdfTwitter: https://twitter.com/JeffSnider_EDUhttps://www.eurodollar.universityRealClearMarkets Essays: https://bit.ly/38tL5a7#recession #money #recession2023 #money #inflation #deflation #interestrates #dollar #economy #credit #interestrates #eurodollar #income #stocks #retirement