CIO Newsletter
October 2021
The Wall of Worry
Deleted: It’s often said that bull markets climb a “wall of worry”. Despite investor tendencies to wring our hands and discount every imaginable issue into stock prices, markets tend to shrug off short-term noise, after all, that’s what most of the “worry” is, and trend generally higher. (This corollary is a close cousin to Keynes’ oft-repeated quip that markets can stay irrational longer than one can remain solvent.)
