economy Markets stocks

In This Market, There’s More To Fear Than Fear Itself

Let us count the concerns, shall we?

If you're a market participant, there are risks out there. Perhaps you noticed. Or maybe you didn't. Because if all you were going by was benchmark equity indices, you'd be inclined to think COVID-19 was cured sometime early in April. You may scoff at forecasts for additional gains on top of the 31% bounce off the March nadir. But then again, you would have scoffed at the same forecasts after 15%. And then after 20%. And surely after 25%. Money is money, folks. And if there's anything we should have learned from the post-GFC experience, it's that any gains you locked in over the course of the longest bull market in history were rendered no less "real" by incessant banter from the "it's all a central bank-fueled bubble" crowd. A triple-digit return isn't "ephemeral" if you book it. It's not a "paper gain" anymore if you sell. And yet, the juxtaposition between an outright depression and surging equities is difficult to ignore - it's impossible to resist the temptation to lampoon it. Allow me to indulge: But stocks "pull forward" expected outcomes. Between western economies tentatively reopening, and the notion that things "can't possibly get much worse", you can make the ca
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4 comments on “In This Market, There’s More To Fear Than Fear Itself

  1. Great analysis as usual, but as an avid surfer allow me to pontificate and affirm that indeed, the right to catch a wave at the beach should be sacrosanct for everyone, not just every American, when it comes to surfing I subscribe to a philosophy that mirrors the motto of my neighboring state, surf free or die…

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