Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph.

Quick recap

• Major equity markets, except for Europe, continued their losing streak this week, and the once high-flying tech corner of the U.S. stock market saw some pretty violent moves.
• However, this week’s most significant developments were in the Crypto space, where Terra and Luna blew up, destroying billions in wealth overnight.
• Meanwhile, implied volatility in the U.S. and the European stock market decreased despite a surge in realized volatility, triggering warnings that this drawdown may last longer. Government bond yields came back slightly amid market turmoils, finally yielding some diversification benefits.
• In the U.S. and Europe, a stark divergence has evolved between business and consumer sentiment and consensus earnings forecasts. As a result, the question of who is right will be crucial for valuation support.

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