(Harvest) Since the turn of the year, markets have been driven by sentiment rather than fundamentals.In this uncertain environment asset prices do not, in our view, reflect the underlying economic data and are driven by powerful emotional responses, not well-reasoned argument.Reduced liquidity in markets has exacerbated the moves in asset prices as sentiment has shifted, and we believe these market dislocations have created value in assets that are now priced for an economic contraction.
Liquidity Squeeze Amplifies Market Swings – Conflicting Signals Challenge Investors
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