Normally at market peaks the mood is one of supreme optimism that whatever we had all been worrying about was a thing of the past. Meanwhile, performance data can be extrapolated to the moon.
“We are only halfway through this rally in European bank shares”, “UK domestic mid-cap stocks still have further upside potential” and, most prevalent and, dare I say, most disingenuous of all, “The European sovereign debt crisis, for Greece in particular, has been solved and should no longer be a concern…” The latter statement is seemingly proven by the fact the Greeks got a €5bn bond issue away; their first for some time at a yield of 5%, and significantly oversubscribed. The issue is now trading below par, but the assortment of buyers, only 7% of whom were Greek, are relying on the...
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