Updated on Saturday, 19 September 2020 - 01:26

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In an environment of maximum uncertainty, the quality of the fundamentals should take precedence when choosing investments, but the recovery of indices such as the United States comes in the heat of an aggressive monetary expansion.

The exit of sovereign bonds towards more profitable stocks allows the momentum to continue against all logic.

A good illustration is the

divergence between the S&P 500

(at all-time highs)

and corporate earnings

(accumulating a 10% year-on-year decline

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