Monday Macro: do fundamentals really matter, identifying the EM red flags, falling Baltic rates plus 2022 is a sentiment bloodbath

Back to something approaching normal service this week with a gaggle of charts showing some big macro trends, starting with why fundamentals matter (or not?).

Fundamentals matter? Really?

Talk to enough quantitative finance types and they’ll say to you that over the long term – by that we mean longer than 20 years – the fundamentals of a stock price really matter. Or, to put it simply, you can’t ignore that a stock is a claim on a stream of cash earnings that can either be used to pay a dividend or reinvested …