Shrug Today, Bleed Tomorrow
Deutsche Bank was out this morning with a 217-year chart that says it all. To wit, markets have reached a point of Peak Lunacy. In a world choking on economic, political, demographic and military troubles, stock and bond prices have never been so high. Or as its crack analyst Jim Reid put it, "we’re in a period of very elevated global asset prices – possibly the most elevated in aggregate through history".