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Morgan Stanley issues a warning! The real threat to the U.S. stock market may not be bubbles but "water scarcity"
High valuations are not necessarily scary.
Liquidity tightening is the biggest enemy of the capital market.
Morgan Stanley's concerns hit the core.
Market gains require continuous inflows of funds.
Once dollar liquidity contracts, asset prices will come under pressure.
Many investors always focus on PE.
In reality, Wall Street cares more about:
Whether there is enough money.
As a classic saying goes:
A bull market relies on liquidity.
A bear market relies on valuations.
If liquidity loosens again, the market still has the chance to hit new highs.
So what truly determines the direction is not necessarily the price.
But the water level.
The capital market is always a game about funds.
#Gate股票7x24小时交易