Traders at the New York Stock Exchange on March 18. Not only are valuations dangerously stretched, the behaviour of investors suggests many traders have lost touch with reality. Photo: Xinhua Traders at the New York Stock Exchange on March 18. Not only are valuations dangerously stretched, the behaviour of investors suggests many traders have lost touch with reality. Photo: Xinhua
Traders at the New York Stock Exchange on March 18. Not only are valuations dangerously stretched, the behaviour of investors suggests many traders have lost touch with reality. Photo: Xinhua
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Why a once-in-a-century pandemic and a stock market bubble spell trouble

  • It is alarming that today’s bubble has inflated in the face of the worst recession in decades. While the pandemic has been less damaging to markets than the 2008 crisis, there’s huge uncertainty about the strength of the recovery

Traders at the New York Stock Exchange on March 18. Not only are valuations dangerously stretched, the behaviour of investors suggests many traders have lost touch with reality. Photo: Xinhua Traders at the New York Stock Exchange on March 18. Not only are valuations dangerously stretched, the behaviour of investors suggests many traders have lost touch with reality. Photo: Xinhua
Traders at the New York Stock Exchange on March 18. Not only are valuations dangerously stretched, the behaviour of investors suggests many traders have lost touch with reality. Photo: Xinhua
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.