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Licence to speculate

Weekly investor research

07 July 2014

In a special version of the weekly, we put last week’s Fed and ECB announcements into context. Both institutions last week issued licences to speculate. Bubble Economics now appears to be official policy across developed economies. This poses serious challenges to asset allocators. Notwithstanding these challenges, Bubble Economics is neither unfamiliar nor difficult to understand. We were here, recently, during the Greenspan Fed. Ignorance is therefore not a credible defence.

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