One of my more successful Christmas presents last year was “The Pessimist’s Mug”. It is made of glass and halfway down the mug a line is etched. Underneath that line the text reads, “This glass is now half empty”. Every time the mug gets used thoughts turn to the markets. Since August, every piece of news emanating from the bond markets has been unremittingly gloomy. Stock markets, in contrast, have only just begun to play catch-up.
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