Records leave markets stuck in time warp

The Nasdaq logo is seen on the exterior of the Nasdaq MarketSite in New York, in this April 2, 2013
©Brendan McDermid/Reuters

Highs reinforce the lesson that valuation is a poor guide to short-term moves

The Nasdaq — going nowhere for 15 years

Almost any other equity investment would have been a smarter bet

Investor returns are all about the timing

Knowing when to choose the right moment to move is not easy

Equity investors reject UK election risk

Political stakes are high: so too is faith in UK stocks

The case for active management weakens

High active share strategies can outperform but risks increase

Momentum to stall as profits talked down

Earnings forecasts have taken a stunning dive

Poor active managers have no excuse

Ample opportunity to pick winners even when stock dispersion is low

A June rate rise can surely be ruled out

April’s jobs data have profound implications for the Fed

Four financial questions for foamy markets

John Authers on negative yields, US and Chinese stocks and EM reserves

Value investors suffer during QE rally

The strategy works best when things look terrific — or terrifying

Business pioneers in finance

History shows there is nothing like a crisis to focus financiers’ minds

Emerging markets: cheapness carries risk

Growth prospects have slowed. The rise in the dollar and fall in oil price have created risks

A portfolio beyond equities and bonds

The increasingly complex types of securities available increase the difficulty of asset allocation

Pluses and pitfalls in the ETF revolution

Exchange traded funds have flexibility and offer low costs, but investors need to be aware of risks

Pension safety more important than choice

Behavioural finance shows we are hard-wired to make mistakes

Shipping finance offers attractive yields

Is ‘floating real estate’ the next big asset class?

The dollar almighty will create risks

US currency can boost global economy but there are caveats

Incentives favour short-term focus

Pension funds and insurers forced to shy away from infrastructure

Landmarks on a journey to uncertainty

Nasdaq record and US jobs data leave hard questions unanswered

Fees matter more than asset allocation

Investment strategy study confirms importance of cost control

The Big Read: Bankers kept out of the bull run

John Authers explains some of the scepticism around the equities rally

Stock markets: where have the good times gone?

Equities are rallying to record highs, but bankers on Wall Street and in London are finding few reasons to celebrate

The bond market must turn sometime

History has few precedents to help predict what might happen next

Obama set for battle on pensions reform

World watches as US tackles key problem of mis-selling retirement products

UK stocks: interesting but not compelling

FTSE 100 record tells us little about the future

FTSE hits record, but hold off the bubbly

The good news is that the index is nowhere near as overvalued as it was in late 1999

Desperation of active fund management

Only 19% of US equity fund managers beat Russell 1000 index

‘Market truths’ pay, but not impressively

It may be time to buy protection against another major drawdown

Lack of revenue growth is alarming

The balance must shift from cutting costs to boosting revenues

Sin wins in battle of vice or virtue

Tobacco and alcohol stocks lead on UK and US markets historically

Wages of sin make big market profits

$1 invested in US tobacco in 1900 would now be worth $6m

US economy vulnerable to China syndrome

Litany of economic indicators flashing reasons for concern is growing longer

US endowments pare bets on alternatives

But they should not rush out as the case for hedge funds is improving

Cost of cheap oil on US earnings revealed

Aside from oil companies, this has been a good earnings season

Factor investing is flavour of the month

But four-decade run of outperformance may not last

Draghi’s pledge gives credible hope

Expect the global hunt for yield to continue until rates rise

John Authers: ECB lacks shock and awe

Transparency has robbed QE of valuable element of surprise

Reits rally starts to run out of steam

Office real estate is one of a few pockets of value

Lessons from Switzerland doffing its cap

There are limits to how much to trust central banks to bail out markets

Healthcare stocks good for your wealth?

Sector outperformed S&P 500 but could underperform if oil recovers

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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