, Columnist
There’s Money to Be Made Betting Against Larry Summers
Central banks are dug in for a disaster that looks far from preordained.
Feel lucky, investor?
Photographer: Jason Alden/Bloomberg
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How can U.S. stock indexes be right back up at their record highs when there are strikes on oil installations in the Middle East, the money markets are in revolt, negative bond yields show despair at the prospect of growth anywhere in the world, and any number of decent indicators are signaling on-coming recession? It’s a good question. And the answer, according to one investment strategist I spoke to this week, is clear: “It’s because everyone is in the Larry Summers trade.”