John Authers, Columnist

Dot-Com Prices in a Pandemic Make Fools of Us All

The stocks rally increasingly looks like it has legs; that doesn’t make it any less detached from reality.

April 20, 2020 at 4:55 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.”

Reconfiguring first-quarter earnings estimates.
Photographer: NurPhoto/Getty Images

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Markets have the capacity to make fools of us all. Humility should always be our watchword. Therefore as we brace for another week of trading in global markets, which peaked exactly two months ago, I need to ask how I failed to see the extent of the rally that's underway.