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By: Rich Miller
Say goodbye to irrational despondency.
It came to a head in 2016 as investors -- seeing nothing but bad times ahead -- piled into government bonds that yielded less than they cost.
“It was the opposite of irrational exuberance,” said Joachim Fels, global economic adviser for Pacific Investment Management Co., referring to the phrase coined by then Federal Reserve Chairman Alan Greenspan in the late 1990s boom years. “Everyone was worshiping at the secular stagnation church” with its belief in scant economic growth.
Now, as 2017 approaches, investors, economists and policy makers are starting to focus more on what could go right with the global economy rather than just fretting about all the things that might go wrong.
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