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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.