There's an old saying that dictates the market is never wrong, that the price of any asset is in line with the basic fundamentals that are there for everyone to see.
There is always a reason for a good old fashioned price surge, up or down, even when nobody can find it, but it's fair to say the "efficient market hypothesis" has been tested in 2017 with bubbles all over the place.
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Philip Baker writes on markets specialising in bonds, equity markets and currencies. Based in our Sydney newsroom, Phil is a markets columnist. Connect with Philip on Twitter. Email Philip at pbaker@fairfaxmedia.com.au
