July 29th, 2012: Fund Managers are blaming uncertainty for their poor results. The uncertainty consensus is flattering: it implies our age is uniquely on edge. There are few evidence of that with a VIX back to pre-2008 levels.And anyway the markets always climb a wall of worry. When the market players are convinced that the future is rosy, they price the market at such a level that it can not push ahead much and is due for a fall. Uncertainty is the foundation of financial markets, the source of risk sure, but also the mother of all opportunity.
Jean Jacques Chenier
Jean Jacques Chenier
