Why the Market’s Like a Giant Fat-Arsed Panda

By Alan Steel

It’s like a Giant Panda.

The stock market, that is.

As nonchalant as it is thriving. Chewing its bamboozling way through record highs, and clothed in a Yin and Yang-style battle between positive indicators and negative sentiment.

But nothing here is black and white.

The conservationists clamour for it, paying over-inflated prices, and joining the throngs for a quick peek through the glass windows of things like index trackers and ETFs.

It seems to care even less for its survival than its surroundings.

No rejuvenating 5% corrections in sight. No euphoric indicators of impending tops. No lasting reaction to oil prices, interest rates, Brexit or even the threat of nuclear war.

Just chewing away hungrily at its ever-increasing pile of green cud.

The tourists keep coming. The zookeepers keep issuing their conservationist warnings. And the voyeurs keep their keen eyes on “Panda Cam” desperately waiting to see if this beast will ever mate.

Nothing yet. Nothing to be done. A secular bull harder to get rid of than bamboo without any pandas around.

Sitting on its great furry expanding arse, as disinterested in our gawking as we are yearning to see what happens next.

Alan Steel, Chairman, Alan Steel Asset Management


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