Markets: Into uncharted waters

After the volatility, investors face the hard reality that stocks and bonds still look expensive

Fear returns with yield plunge

Market move is enough to spook anyone investing in equities

Warning light flashes on stock correction

Notion that the famous Cape ratio can show when stocks are expensive still holds

Commodities tell truth to equities investors

Low rates and lower raw materials prices are good for profits

Bill Gross

Gross looks to show his star is undimmed

His Janus debut suggests he will act much as he did at Pimco

Bitcoin bursts, but could change banking

Venture capital is exploring cryptocurrency technology

Disruptive technology will not kill banks

Banking is too heavily regulated to be threatened by newcomers

Size matters and Pimco’s TRF was too big

Disorderly outflows from the fund could create perverse market moves

Will Gross turn out as a fox or hedgehog?

Investors ask if he can repeat his skill at handling the bull market

Property will become a bigger pensions play

The pressure to invest in property is unlikely to abate for years

Boost from Scots ‘No’ may be shortlived

Slow-burning political risk for the UK will increase

Funds and ETFs magnify EM volatility

Large price swings can be driven by small shifts in sentiment

Wall Street’s new rationale for optimism

Mood of serene confidence remains intact in the US

Watch for companies splashing cash

They are underperformers, in company with cash hoarders

Placing wealth in the happiness equation

The link between the two is stronger than most would think

Long-term returns boosted by illiquidity

The less liquid a stock, the better it will perform over time

Rate increases will test the market mood

Once the Fed raises rates in earnest it could be painful

Chase sales and margin growth in Big Tech

Not all growth is equal and some tech stocks may be ‘growth traps’

Fund deal flurry could be broader omen

Consolidation is driven by the burning need for survival

Animal spirits bring a welcome jolt

More deals could keep the stock market humming

Low volatility is bad for ‘low-vol’ funds

Once central banks start to tighten rates, such assets may make sense

Fund managers linked to systemic risk

If they amplify market cycles they contribute to broad-based risk

The Long View: Stocks correction better than comeuppance

Fears over Fed making hawkish or dovish ‘mistake’

Look for value trades in emerging markets

Dividend payers and China A-shares are undervalued

Value fears turn the tide against buybacks

Clear-cut change in corporate behaviour during past few months

BoE’s biggest test yet to come

UK’s housing market must still face rising interest rates

US colleges reap advantages of scale

Laggard retailers remain a horror story

Even after recent losses retail stocks are not cheap

Who is responsible for teaching responsibility?

Both regulations and the structure of capital markets foster a culture of ‘passing the buck’

Role of banks recedes in wake of crisis

Banks’ centrality to the economy is being nibbled away

Seas calm as US stocks sail serenely on

Conditions are benign, but is a correction over the horizon?

How to guard against an oil price spike

Crude oil prices have surged to highest in nine months

Investor distrust drives cash pile rise

Retail investors raised cash allocations to 40% in 2014

Is ‘smart beta’ smart enough to last?

If it relies on ‘dumb beta’ to work, it will be eliminated over time

Growing silver economy signals big winners

Greater longevity and declining birth rates are with us

Personal coach wanted for investing shots

Tennis could well teach us something about investment performance

New rules and unintended consequences

Rules stamping out abuses can create fresh dangers

Death of US dollar is greatly exaggerated

There is simply nothing that is better and safer

Europe’s bargain stocks cleaned out

Hard to find companies with a ‘eurozone discount’

Let’s make the capex fit to ensure a stronger economy

Buybacks reduce the amount of stock in issue

ABOUT JOHN

John Authers John Authers is the Financial Times' Senior Investment Columnist, responsible for the weekly Long View and other columns on markets and investment. In a 22-year career at the FT, his previous posts have included global head of the Lex column, investment editor, US markets editor, Mexico City bureau chief and US banking correspondent. His latest book is The Fearful Rise of Markets.

John has a degree in Philosophy, Politics and Economics from the University of Oxford, and an MBA from Columbia University.

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