Man FRM Early View

November 2017

MAN FRM

When does an increase in the price of an asset reflect a change in value, and when is it simply borrowing the return from the future? Did we really earn it or will we have to give it all back later? When are we assessing our reaction to profits rationally and when are we suffering from hubris? These are increasingly queasy questions. If the USD 70trn of global equities are up 15% this year, then in equities alone we have seen a repricing of asset values by around USD 10trn, or around three years’...

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