Skip to content
Subscriber Only
Opinion
John Authers

Everything's Too Expensive and Nothing Can Be Done

Stocks and bonds will keep behaving like big duration bets until the market sees an end to ever-lower discount rates.

Put your wallet away, there’s nothing to buy.

Put your wallet away, there’s nothing to buy.

Photographer: Carla Gottgens/Bloomberg

To get John Authers' newsletter delivered directly to your inbox, sign up here.

Investors face two serious and linked problems: Nothing is cheap, and government bonds no longer work as a diversifier. Two separate presentations I received this week show just how intractable this challenge is.