The Bears Are Back Baby!

This week has continued to underscore the change in the market weather, following the hopium of July. “We’ve long been overdue for a correction in equities, and it’s clear that higher rates have now become the catalyst for that,” said Michael Reynolds, vice president investment strategy at investment and wealth advisory firm Glenmede. “When the opportunity cost for capital becomes more competitive, valuations should correct on risk bearing assets, especially large cap equities which have been trading at significant premiums this year.” And news that China’s seemingly eternally beleaguered property giant Evergrande has sought bankruptcy protection in New York only […]