Animal spirits are famously running wild across Wall Street, but crunch the numbers and this bull market is even crazier than it seems.
Global stocks are now worth around $100 trillion. American companies have raised a record $175 billion in public listings. Some $3 trillion of corporate bonds are trading with negative yields.
All the while the virus spreads, the economic cycle stays on life-support and businesses get thrashed by fresh lockdowns.
Spurred by endless monetary stimulus and bets on a post-pandemic world, day traders and institutional pros alike are enjoying the easiest financial conditions in history.
“Sentiment indicators are moving to euphoria,” said Cedric Ozazman, chief investment officer at Reyl & Cie in Geneva. “People are now jumping to invest amid fears they will miss the Santa Claus rally.”
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