Deflating all asset classes

摘要

In mid 2006 there was a puzzling tailspin in a slew of disparate finan-cial markets. Various pundits ascribe the drops to inconsistent communication from the Federal Reserve, economic confusion and/or an all-time high in uncertainty. But an alignment we dubbed the "all-the-same-market" phenomenon in Barron's back in May 2004 provides a straight-forward explanation.