On the surface, middle of the road performance for stocks in the quarter indicated relative calm. Especially coming off strong performance in the first half of the year, there was little cause for concern. Performance was choppy in the quarter, however, as steady, modest gains were repeatedly undermined by significant losses. In addition, a quant quake came out of nowhere and led to massive outperformance of value over growth for a short period of time. Also, out of nowhere overnight repo rates spiked higher until the Fed intervened. Gold prices rose steadily. Under the surface, something seems to be amiss. What is that something and what does it mean for investors? For a growing number of investors, the answer is a short one: Stocks have overshot their fundamentals and a market crash
David Robertson considers the following as important: bonds, Bull, Climate Chage, ESG, Investing, markets, Portfolio Management, Risk, Stocks
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