Global equity market rises may be showing a breakdown in price discovery
The continued rise of global equity market indices shows that equity markets are out of step with current economic realities, that optimistic investors are betting on central banks for a certain recovery in the next year or two, and/or that there isn’t anything better to do with cash. There are arguments for why current equity prices are unsustainable and raise questions about what price discovery in today’s markets really means.
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January 23, 2020
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