The Market Decline is Just the Beginning

There is still plenty of distance to travel

More than $4 trillion has been wiped out from the stock markets in just a few days—before Trump and his henchmen have even completed their first month in power. And this is just the beginning. More market carnage is coming.

It’s a double whammy: an overinflated stock market colliding with a pack of incompetent ideologues steering the economy. Even after shedding trillions, U.S. equities remain dangerously overvalued. As Warren Buffett has pointed out, the total market cap (TMC) relative to U.S. GNP is “probably the best single measure of where valuations stand at any given moment”—and right now, the writing is on the wall.