Opinion | Wall Street has a new slogan for why stocks keep going up as the world falls apart: 'Nothing Matters.' By lopezlinette.
An anti-Brexiteer poses with a cigar in Parliament Square in central London on January 31, 2020 on the day that the UK formally leaves the European Union.It seems no matter how huge the event — a debilitating virus ravaging China, the rise of Bernie Sanders — none of it matters. Stocks just go up, and in credit markets good debt trades close to junk.
This may sound like a welcome simplification, but what it is is a suspension of reality. This is not how the world should work. Guggenheim Investments CIO Scott Minerd likened this creepiness in the face of coronavirus to the calm that settled in Britain just before WWII, when Prime Minister Neville Chamberlain convinced himself and his peers that the world was entering a "peace for our time," and told everyone to ignore the red flags all around them.
Wall Street will play this game until it's over. Standing up for value might be the right thing if you're a moralist, but it won't win you clients on Wall Street. Ultimately that means everyone in this market is chasing the same ok-yielding credit and blue chip or growth stocks. That's what happens when no one trusts the market.
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