Feb. 22 - With many markets back at pre-crisis highs only a few years after the collapse of Lehman, why the sense of complacency? Why no obvious signs of concern?
Returns over the last. Six months have been quite significant I think majority that investors have tried to get in on not so it is reading on the basis far. The fact that even though we we may not be as as a huge amount of confidence. I'm afraid not return 2007 levels as the rays certainly a huge degree off. Good earnings news out there we're having better forward looking indicators out of course yields are better -- -- you've got housewife so it is because there is very little alternative. I don't think it can break down tech complacency so much as -- balls very negative brand interest rates. Big guy desire to Clinton ever railroads had. I think a lot of investors are allowed all of -- macro economic risks. But that hey it's been and they let us yet so people are now saying right well we're getting negative really -- on risk -- Because of Central Bank monetary policy so it gets up -- the risk. I don't know that gave an update was taking the place. It's always been that that fairness is the market started. Riding high as that we were getting -- gonna keep going and of course that speech that we get to the -- -- -- skeptical of the market becomes bizarre thing. Threats and now it's a case of we've had the kind of thing is now concerts around with those those guys for now but of course he's just how long that's gonna last fall and I think that's clever little in the in the darkened as. Right now you have to say that -- some concern that some of the essence this maybe it made may have run undated it's -- -- On the -- societal local -- -- -- -- insanity. Right here that we spend a lot to say that's I wouldn't have let this the that much concern that he overextended on the down on the there are some signs of over achievements he said pockets and markets if you look at the rotation out of fixed income markets and into equities -- recent weeks I think has kind of show I think if you look at the fundamental Michael outlook. And things haven't improved -- -- in recent weeks to a recent months to five -- Nicholas I who works with fundamental problem remained very challenging. I think there was a danger that some markets are forgetting that our sincerest challenges lying ahead.