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Open original source ↗This gap was a core topic during my talk with @PeterMcCormack in London a couple weeks back:
https://t.co/09XUaT0jqJ
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The gap between Wall Street and Main Street has never been bigger: US consumer sentiment is down to 47.6 points, the lowest level in history. At the same time, the S&P 500 is trading just 3% from its all-time high. Since the 2020 pandemic, consumer sentiment has fallen -50%. During the same period, the S&P 500 has rallied +205%. This comes as inflation, rising housing costs, and a weakening job market are increasingly squeezing the average American household. Meanwhile, 87% of all equities are held by the wealthiest 10% of households. Asset owners are the biggest winners in this economy.
KobeissiLetter ↗