Field of Dreams - FINANCIAL-24
The minutes of the Federal Open Market Committee that ended on March 15 revealed that some participants view the stock market prices as quite high relative to standard valuation measures. More so, in our view, investor behavior since the S&P 500 last corrected in February 2017 has elicited new insights on the data generation process of market bubbles.
A bubble stems from investors chasing projections on future earnings and economic growth that are not based on rational expectations but, rather, on a market illusion. The bubble then grows and operates as an algorithm in which a new illusion invariantly replaces a previous one that had failed to materialize. Animal spirits in the stock market thrive in such mystical reality.
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