By David Scott | Monday 23 October 2017
Presently stock valuations don’t matter, profits don’t matter and most of all, deficits don’t matter. The issue is an eight-year run of rising stock market indices has suspended, if not eradicated, the natural laws of the investing worlds. What was once considered rash or ridiculous is now shrewd and savvy. Conversely, tried and true investment principles, including evaluating business fundamentals, are for losers who lack imagination. An endearing quality of a late stage bull market is that it expands the universe of what’s possible. Somehow, rising stock prices make the impossible, possible. They also push the limits of the normal into the paranormal. Bubbles don’t grow out of thin air, they have a solid basis in reality. But, reality is distorted by misconception.
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