Short answer: fantastic ERs in Q3 and Q4. Spy is still 60-70 points down from its woulda-coulda place had covid not happened. Also: trillions in new spending c

Short answer: fantastic ERs in Q3 and Q4. Spy is still 60-70 points down from its woulda-coulda place had covid not happened. Also: trillions in new spending causing asset inflation further lowering SPY below its price it would have if such spending happened without covid. Third reason: SPY yields are still above treasury (risk free) yields... significantly.