RE:Gordon Pape I agree with him. Gordon Pape is a great writer and I often read his articles and of course I read all of his tfsa and rrsp books :)
I think as Americans are getting vaccinated the market is anticipating a post covid world. Inflation and bonds should settle at around the 2% mark as the economy gets out of this funk. We are almost there as 10 year bonds are currently at 1.6% compared to 1.88% on Jan 2,2020. At the beginning of the pandemic on Feb 20th,2020 bond yields were at 1.52%
I think the economy is much stronger now than during the dot-com bubble. The normalized PE ratio for the s&p500 for example is still much lower than during that time period and 10 year treasuries were around 4% back then which is significantly higher.
The ride might be bumpy over the next quarter as the market corrects itself but I still remain bullish on the economy and that we will overcome this pandemic.