JOHCM's Leyland: The 'Looney Tunes' nature of global stockmarkets
Fuelled by cheap QE money
In the old Looney Tunes cartoon, Wile E Coyote would often be pictured frantically clawing at thin air having careered blindly over the cliff edge in pursuit of the elusive Road Runner.
That is roughly how global equity markets looked like to us during 2017 and the middle part of 2018. With the rocket fuel of cheap money provided by QE and rock-bottom interest rates having run out, gung-ho...
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