The market is in a ‘things can’t get any worse’ rally
The exuberant rally in financial markets over the past six weeks suggests that investors are more than happy to participate in the Fed’s ‘wishful thinking’.
One of the best stories about market timing centres on Chris Corrigan, the founder of investment banking and funds management powerhouse BT Australia.
Back in the early 1970s, BT Australia was a fledgling funds management operation with three employees. In early 1973, the extremely brave decision was taken to sell shares and to move heavily into cash.
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Karen Maley writes on banking and finance, specialising in financial services, private equity and investment banking. Karen is based in Sydney. Connect with Karen on Twitter. Email Karen at karen.maley@afr.com
