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‘What Goes Up’: Everything.
On Wednesday in "The Bernie Madoff Market," we described how 2017 was so unusual, the gains so predictable, the consistency so implausible, that if global equities were a fund, regulators would suspect it might be a ponzi scheme.
That assessment was inspired by the following quote from SocGen's Andrew Lapthorne:
Not only did global equity markets perform well during 2017 (MSCI World delivered a total return of 20.1%), but they did so with such low volatility and consistency that if this were a
