The signs of excess in the equity markets are accelerating, in the shape of IPOs jumping to huge premiums immediately after listing, historically narrow discounts on investment trusts and a surge in speculative trading in stocks. Amidst widespread expectations of a surge in growth in the wake of the pandemic, a recent focus of market analysts has been the risks associated with the $1.9 trillion stimulus package that President Biden is hoping to steer through Congress. Bond yields have broken through their 50 day and 200 day moving averages in what may be a harbinger of higher inflation ahead. ...