Buyer or sucker?: A file picture showing a man using a smartphone to buy bitcoin from a bitcoin ATM in Tokyo. It is an asset with no intrinsic value and not the liability of anyone. Hence, its value is totally dependent on finding the next buyer, or perhaps sucker. — Bloomberg
AS the long hot summer is drenched by disaster floods in Houston, Bangladesh and India, whilst financial markets continue to hit record highs, we need to ask whether financial markets are simply over-valued or already in bubble territory?
The amazing fact is that almost all equity and bond markets are up, and with Fed chairman Janet Yellen only talking about financial stability, rather than signalling direction of interest rates, financial markets seem to be fearless, waiting for the return of traders from their summer recess to begin another bull run.
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