An artificial-intelligence boom has turned into an everything boom
Bull markets, according to John Templeton, “are born on pessimism, grow on scepticism, mature on optimism and die of euphoria”.
in the 21st century, Templeton’s favoured moments of “maximum pessimism” present the very best buying opportunities. In March 2009 investors despaired over the future of capitalism; in March 2020, over a pandemic
It now looks like October 2022 should be added to the list. What started as a narrowly led climb has broadened into a full-blown bull market.
The market, in other words, appears on the verge of euphoria. What would Templeton think of that?
The Economist 25 July 2023
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