Scepticism in global equity markets is getting expensive. From Japan to Brazil and the US as well as places such as Greece and Ukraine, an epic year in equities is defying naysayers and rewarding anyone who staked a claim on corporate ownership. Records are falling, with about a quarter of national equity benchmarks at or within 2% of an all-time high. "You've heard people being bearish for eight years. They were wrong," said Jeffrey Saut, chief investment strategist at St Petersburg, Florida-based Raymond James Financial, which oversees $500-billion (about R6687-billion). "The proof is in the returns." To put this year's gains in perspective, the value of global equities is now three-and-a- half times that of the financial crisis bottom in March 2009. Aided by an 8% drop in the US currency, the dollar-denominated capitalisation of worldwide shares appreciated in 2017 by an amount - $20-trillion - that is comparable to the total value of all equities nine years ago. And yet sceptics...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.