![]() ![]() Not since the 2000 tech bubble have I seen so many people talking about and speculating in something they know absolutely nothing about.īut it is becoming increasingly prevalent in the stock market too.ĪSX-listed GetSwift is a logistics software startup with a fully diluted market capitalisation of roughly half a billion dollars. Cryptocurrencies are the most obvious manifestation. The back half of 2017, however, saw an increase in something more common in previous bull markets: mania. The bulls countered that interest rates were lower than historical averages, likely to stay that way and that equities were relatively cheap as a result.īoth of those arguments have merit and you could have a well-considered reason for being on either side of the fence (or, in my case, sitting on top of it). The bears have argued that company earnings are unsustainably high and that multiples are well above long-term averages. The arguments between bulls and bears have been grounded in logic. ![]() For most of that period, however, it has been a reluctant and nervous bull market. Granted, this is a bull market that is now more than eight years old. And increasing signs of impaired financial judgement as a result. The main difference being that, in our digitally connected world, we have a lot more neighbours.Īs 2017 comes to a close, I’m seeing more of my “neighbours” apparently making fortunes. Although it has been more than a century since Morgan’s words, little has changed about human nature.
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