Before yesterday’s brief curfuffle, markets remained entirely care-free; climbing walls of worry, shrugging off every and any potential pitfall (from the collapse of American retail to global armaggedon) as new high after new high, on an ever-decreasing base of mega-cap stocks had become ubiquitous. Like many rational investors looking asconce at this ‘market’, former fund manager Richard Breslow wants to know “why are equities bid?” … and he has an answer…
Via Bloomberg,