Guy Stephens: Where has the business cycle gone?

‘Overvalued rollercoaster’

clock • 6 min read

As investors nervously await some kind of 'black swan' event that may derail markets, Guy Stephens takes a closer look at why the traditional business cycle has been disrupted

A couple of weeks away on the beach does wonders for the investment psyche and helps put all the noise into perspective. What is somewhat concerning, however, is there seem to be even more bears around than before embarking, willing a correction to occur. Yet corrections do not just ‘happen' - there has to be a sufficiently scary catalyst, causing investors to panic and prefer cash, earning negative real returns in the meantime. As we all wait for this correction event, with many on ‘black swan watch', having already moved to the side-lines, perhaps we should be thinking slightly diff...

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