By Lucian Miers | Saturday 2 May 2020
Disclosure: The author has a short position in one or more of the shares mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
The tug of war going on in the markets now between reality and full on Modern Monetary Theory makes the stock market all but uninvestable until it is clear which side prevails. At the moment the latter seems to have the upper hand, but it is early days and I suspect that reality is not done yet. On the short side, many zombie companies which have been propped up since the GFC with artificially low interest rates are now sensing a new lease of life as they rush to the seemingly limitless Covid trough, as moral hazard abounds. There are always exceptions however...
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