The rallying markets aren’t as good as they seem, says Guggenheim Partners chief Scott Minerd. He likened inflation of asset prices caused by loose money policies of central banks to a ponzi scheme that eventually must collapse. “We will reach a tipping point when investors will awake to the rising tide of defaults and downgrades,” Minerd wrote in a letter from the World Economic Forum meeting. “The timing is hard to predict, but this reminds me a lot of the lead-up to the 2001 and 2002 recession.” He cited rising defaults despite a rally in riskier assets, and reiterated a warning that BBB-rated bonds risk further downgrades. The chie
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