The bizarre logic at play in markets

Slumbering interest rates coexist with peak share prices

Strong performance suggests real estate top

Reits like other conservative and income-producing assets look over-extended

Time for a new model pension fund rescue

Whether benefits or contributions are defined, it is vital to find a new model for retirement incomes

Case for minimum volatility looks robust

Equity markets’ post-Brexit round trip provides test for smart beta

The experts who failed the Brexit test

Most embarrassed by recent events are prediction markets

How Brexit caused a Wall Street sell-off

Reminder of political risk arrives with equities looking ripe

Markets and politics — the awkward dance

Perception and reality in both spheres are hopelessly interlinked and reflexive

Brexit: A Long View of a new Black Friday

Central banks cannot take market moves like this lying down

Why currency markets were wrongfooted

If Leave triumphs, there is an elevated risk of a financial accident, writes John Authers

Market fears run deeper than Brexit vote

Many reliable measures of anxiety and risk-aversion show investors alarmed or braced for a crisis

MSCI was right to hold firm on China

Index provider’s decision is justifiable even if it will put pressure on markets

Hedge funds: Overpriced, underperforming

The industry has ballooned thanks to pension funds. Now institutional investors are taking a look at costs and returns

Crude soothsayers should recall Peak Oil

Oil market’s ‘grand narratives’ can be read as cautionary tales for investors

Data ‘arms race’ is alpha lifeline

Active managers need to step up search for alpha to counter passive threat

Lack of conviction reflects negative mood

Recovery for risk markets since February shows sign of reversal

Poor earnings suggests bear market looms

Highly unusual for equity markets to go as long as a year without making a new high

Stock market’s sweetspot threatened

Why returns for equities face growing threat

Alarm over debt and stalled earnings

Cheap borrowing has funded dividends, stock buybacks, and M&A

The four puzzling questions for markets

Low bond yields help to keep expensive stocks attractive for now

Interest in low-carbon investment rises

As sustainability is quantified, the next step is smart beta ETFs

The drama’s not over for Argentina

Inflation hampers efforts at deeper structural reform

Earnings sugar rush masks pain for stocks

Low expectations leave companies with easy bar to beat, but long-term profit worries remain

Constraint of yen looms large for markets

Chance that Japan will weaken the currency again looks strong

Investors rake over ashes of poor quarter

Four factors helped unseat so many fund managers

Oil and US earnings matter for investors

Lack of confidence shows itself in collapsing profits forecasts

Big tests lie ahead after Yellen speech

Jobless data, earnings and global manufacturing surveys loom

Smart beta not quite as clever as billed

Cheap stocks that outperform attract buyers and then the moment is gone

Equities: Shaking off the bears

Some believe US share prices have still not emerged from the dotcom crash

Policy drives markets’ animal spirits

Any sentiment survey or gauge of valuation faces a problem accounting for the Fed’s influence

Calm after the first-quarter storms

Volatility abates and US stocks go back to being overpriced

Active fund managers find their voice

Pockets of outperformance occur, but beating the index remains rare

Investors focus on central banks’ limits

QE ‘wealth effect’ has never had much consequence, give or take tantalising signs of growth in US

Seven fat years for US stocks

The rally since the S&P 500’s post-Lehman low has been remarkable by any standard

Volatility could define a timely market exit

When the going gets tough, the wise get out until it is calm

Emerging markets look less barren

The case for long-term investors is starting to strengthen

Going with the flow kills contrarianism

Reforms to governance and benchmarks may temper short-termism

Momentum matters as profit estimates drop

Earnings estimates go from bad to worse

Stocks show political risk is underpriced

There is something worrying about how investors are treating the US presidential election

Murderous markets have many suspects

Twelve guilty parties had a hand in the current market turmoil

Market fears are feeding on themselves

The only logical central bank response would damage banks’ profit and their ability to stay solvent

ABOUT JOHN

John Authers John Authers is the Financial Times' Senior Investment Commentator, 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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