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Market disruption from good news

Market disruption from good news

It sounds odd to talk of the risk of good news, especially with some markets at or near all-time highs. Yet if we look under the surface of equities and bonds, enormous pessimism about the economy is embedded in valuations. Markets have been pushed higher by defensive...
Green Shoots

Green Shoots

The bear case for the global economy is well understood and well-articulated. Below we outline arguments that make the case for recovery. The argument is built on a series of observations. -In mid-March European equity markets saw measurable extreme panic and...