How Market Strategists Got 2016 Right and Wrong at the Same Time
- Analysts are right, it’s a risky world. Investors don’t mind
- The futility of buying or selling based on global upheaval
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Say at the beginning of the year you knew how the British secession vote would turn out, and that Donald Trump would be nominated for U.S. president. Say you also foresaw an army uprising in Turkey, the fall of Brazil’s president and terrorism in Brussels and Nice.
Where would you have said markets would be on July 21? Would you have bet on the S&P 500 Index sitting at a record, global corporate bond yield premiums close to the narrowest in a year, or emerging-market currencies 8 percent above their January lows?