John Authers, Columnist

Stock Markets Have Long Tails and Tiny Brains

Bonds bit this brontosaurus at its extremity months ago. The message has only just penetrated.

October 3, 2019 at 4:01 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

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Photographer: JULIO CESAR AGUILAR/AFP/Getty Images

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This is a time when only a dinosaur analogy will do. Equity markets around the world are suddenly moving to price in the alarm about slowing global growth that has been evident in bond markets for many months. Why? Jeremy Grantham, the founder of Boston-based GMO, likened the stock market to a dinosaur with a tiny brain: