Turn off the liquidity taps and the ability to believe the impossible evaporates

When money is constantly cheap and available everything seems straightforward. 

Markets go up whatever happens, leaving investors free to tell any story they like about why. 

It is easy to believe that tech companies with profits in the low millions are worth many billions. 

Or, as one fund manager told me last month, that traditional equity valuation methods are no longer the point

Merryn Somerset Webb FT 26 October 2018


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