, Columnist
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.
Photographer: Carla Gottgens/Bloomberg
This article is for subscribers only.
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.