Investment Manager’s Report:
Stock markets always let me down at this time of year. They go up. There is something about the shortening of the days. This year is no exception.
Low volatility
Growing trade friction
Ridiculous earnings multiples
Politicisation of markets
Falling bond markets
Record buying on margin
A rising oil price
Record insider selling by directors
Current Account imbalances
The answer is that none of these reasons need be the causa causans for a stock market fall but equally these straws mean the market is certainly not eating but probably smoking grass. What no one is worrying about is liquidity.
