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.)

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