Have we become immune to news about another massive “adjustment”? Remember Black Wednesday and what a big deal that was?
And how can a company be worth 10% less than yesterday? Sure I can understand it once in a very long while, but these adjustments happen with increasing frequency.
It does make you wonder if market valuations are 50% fluff, 50% (or more) driven by speculators and not having too much relation to underlying performance.
Is is that markets have become the home of cynicism, no place for the unwary?
More the scarier, if you are lucky enough to have a pension, it will probably be invested here, on the stock market.
Hoping for 3% growth in a year? How about a 3% drop in a day?
Looking at it in a different way, is the world becoming a bit more transparent? Or rather, are we all beginning to see through the smoke and mirrors of corporate and political hype a bit more quickly?
I think so.