Former Morningstar Manager of the Year: “There is now absolutely no accurate pricing discovery in the capital markets and we have entered a period of total manipulation”
The price mechanism was knocked deeply out of whack with the 2008-2009 Crash, and then made worse by the policy response to the Crash.
(From Advisor Perspectives)
We have entered into a far more dangerous environment where normal rules of analytics will likely not apply. When everything is essentially socialized as to risk, a return vs risk evaluation is essentially meaningless since the risk side of the equation has been truncated.
Reprinted from: https://www.ac2news.com/2020/04/former-morningstar-manager-of-the-year-there-is-now-absolutely-no-accurate-pricing-discovery-in-the-capital-markets-and-we-have-entered-a-period-of-total-manipulation/