Dear Reader,

It may be fiting that I restart my blog on the day after US Labour Day.

To begin with, I believe there is a (small) bubble formed in the social tech space. Some of the valuations are unsustainable. Yes, I know that "it is different this time", since some of the companies in the space have revenue. They did not in the dot-com bubble. But they are not highly profitable either...

In the fixed income space the macroeconomics hardly support the prices of eurozone government bonds, but the geopolitical risks and the ECB do, so it is a coin-toss how far the rally goes.

An obvious triger for the equity and fixed income market could be the Federal Reserve raising the Federal Funds Rate, so we just have to wait and see.

For now I think I would expect the rally to continue.

Disclaimer: This article is provided solely for informational purposes, and does not constitute an offer or solicitation to buy or sell any securities. The opinions expressed in the blogpost are the author's and they in no way express the opinion or official position of Bulgarian National Bank!

Conflicts of interest: I may possess some of the securities mentioned in the blogpost!