The passing of Yogi Berra, catcher, manager and coach for the New York Yankees and latter-day Mrs Malaprop, has robbed the world of a baseball legend and a reliable source of homespun, if off-key, wisdom. The future ain’t what it used to be, is one of the best-known Yogisms and captures well the current zeitgeist in markets. This year is shaping up to be the worst for risk assets since 2008, with both equities and bonds on course to underperform cash.
The negativism has three main sources: concern about the limits of monetary policy; the threat of deflation; and the prospects for emerging markets in general and China in particular.
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