Bloomberg: Thanks to the fiscal measures that have been put in place, retail sales have put in a stunning V, which has been mirrored by the rise in the S&P 500. The U.S. consumer is one of the most-potent economic forces in the history of the world, and it’s long been a truism that if you give them income, they will spend. So was all of this obvious? Well, maybe. I am not sure if anyone thought that the retail V would be this potent or that control group sales at midyear would be up nearly 6% (non-annualized!) versus end-2019 levels. If you get your underlying forecast wrong, it’s not a shock if you get the market wrong, too.