Beware of illusions


Those who don’t watch markets closely might be fooled how the media is “framing” the scene.

The S&P 500 did have its best quarterly return in 20 years.
It rose 20%.

But it did most of that work in the first two months.
The month of June only contributed 2% of that return.

Contrarily, it seems that “non-professionals” have a feeling that the market is roaring higher on a daily basis.

It’s not and it hasn’t. The market is still the same price it was a month ago.

In fact, June 8th remains the “post-recovery” high seen in many global equity indices.

July 3, 2020
by Rob Zdravevski
rob@karriasset.com.au

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