Recently, the U.S. economy short-term frequent, first Buffett on U.S. stocks to a wave of "shore fire," in the second quarter of a large cash and buy short-term Treasury bonds, hoarding a large amount of cash, and then the "big short" prototype Bury to buy U.S. stock index put options。The market is concerned that after eating a wave of meat in the first half of this year, more and more Wall Street bigwigs will leave the market in the future。Among the many losers, Wermuth Asset Management's views are particularly radical。Not only are the U.S. stock and property markets at risk of collapse, the company said, but the U.S. economy is also likely to shift rapidly from inflation to deflation。Wermuth gives three reasons, first, the S & P 500 has risen 16% since the beginning of the year, while the earnings outlook for many companies is too weak to support their current share prices, and a price collapse may be inevitable, which Wermuth describes as "dangerously overvalued."。Well-known investment bank Morgan Stanley also said that if the collapse comes, U.S. stocks could fall as much as 16%。Second, the U.S. real estate industry seems calm, but it is in crisis, on the grounds that the industry has about 1..$5 trillion in debt coming due and it's going to be a massive debt tsunami。Moreover, interest rates in the U.S. are currently relatively high, and it's not easy for real estate developers to refinance, and with the huge amount of existing debt, the U.S. real estate market could be dragged straight into trouble.。According to Kai Investment Macro's estimates, if house prices do see a plunge, the decline could reach 40%。Third, there is another objective factor in the decline in U.S. inflation, which is that the economy is gradually slowing down。In the U.S., for example, over the past year, the Fed has raised policy rates rapidly and significantly reduced the size of its balance sheet to fight inflation.。In Wermuth's eyes, factors suggest that the U.S. may be about to experience a precipitous decline from inflation to deflation。