The first quarter of 2016 saw some of the most manic trading in our combined market experiences. We believe that this was a “perceptional market”, one driven by investor perceptions, what John Maynard Keynes called “Animal Spirits”, rather than economic and financial reality. It didn’t take much to set things off. One not particularly insightful comment from a FOMC member or an isolated economic statistic was enough to create a massive move up or down in stock prices, currencies, commodities or bond yields.
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Canso April 2016 Market Observer
