After nearly two years of financial and economic mayhem, this will be a year of a steadily improving economy. Incredibly, over the last nine months, the stock market has recorded the third biggest rise since 1693, according to the Bank of England, and if it carries on rising just a little more in January it will be the biggest sustained rise for 317 years. A stock market cannot jump on this scale and with this ferocity without matters quickly improving on the ground.
Amazing, innit? When stock markets don\’t predict what Will Hutton thinks will or should happen then the Efficient Markets Hypothesis is shown the door. Can\’t be true because it doesn\’t predict what I want to happen.
When markets predict what Will would like to happen then they\’re clear eyed prognosticators of the future.
Consistency, only for the little people.