The way US stocks have navigated the current phase of macroeconomic and interest rate volatility reminds me of the recurrent “mystery” line in Shakespeare in Love, one of my all-time favourite films.
Explaining his business to a financial backer, the head of a theatre group notes that “the natural condition is one of insurmountable obstacles on the road to imminent disaster”. When asked, “so, what do we do?” he responds: “Nothing. Strangely enough. It all turns out well.” And when pressed how, he says: “I don’t know, it’s a mystery.”
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Financial Times
Mohamed A. El-Erian, is president of Queens’ College at the University of Cambridge and a professor at the Wharton School of the University of Pennsylvania
