Irrationality and fear have defined this year

The most commonly used expression these days is that we live in 'interesting times,' which must rank...

The most commonly used expression these days is that we live in 'interesting times,' which must rank as the understatement of the year. What has become apparent about this year is there is no clear or discernable investment theme - other than the simple fact nearly everything is going down in value - at least in equity markets. If you had to put a name to it, 'irrationality' would be a polite one and 'fear ridden' would be the more accurate way to describe markets. How can a company such as ICAP post record results only a month ago and shares end the day lower, purely because it issue...