Note Precis October 11, 2017: In the decade since the credit debacle into 2007 unleashed crisis, albeit now in a different form, complacency appears returned. Then, complacency was about emerging economy strength, smart central bank policy in advanced countries and the dispersion of capital market risk via derivatives all having resulted in strong secular growth. Currently, capital markets in aggregate appear at minimum to be momentum oriented while oozing with confidence both about easy monetary conditions and economic growth. The price of everything seems in vogue now but value is a time honored consideration.
