The correlation between the balance sheet and the stock market is clear, here expressed in terms of global #liquidity superimposed to the #S&P500.
Both the #ECB and the #FED have been injecting liquidity into the market which has resulted in the appreciation of #assets, rather than or only marginally in actual growth.
This is indeed the main argument against these “helicopter money” initiatives – that they result in #stock #buybacks rather than new investments aimed at growing the real economy.
How long can it last for ?
Responsible Investor 
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