James Mackintosh

speaker

379 appearances 7 recordings 1 series first heard Nov 2017 last heard Nov 2024

James Mackintosh’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Rising Bond Yields May Not Be a Threat to Stocks · 10 Oct 2018 podcast

And that's gone up.

And that's really not very good for investors.

I mean, it's obviously bad for bond investors because a higher yield immediately means a lower price.

But it's also worrying for everyone else because, of course, if you've got less certainty about what the outcomes might be, then

You've got more risk and you ought to want a lower price.

And, of course, we've seen in the stock market, you know, I mean, it's too early to say it's a break in the bull market, but we've seen some moderate losses for the market as a whole and some very hefty losses for the really high flying stocks.

particularly the FAANGs and the other sort of acronym stocks like Facebook, Amazon, Alphabet, these sorts of people.

They've had a bit of a rebound today, Tuesday.

But they, I mean, Amazon, for example, was down from the peak earlier this year, just under 10%.

And that's, you know, pretty painful.

Yeah, that's right.

I don't think that's really anything to do with bond yields.

That happened before this most recent break, which is a separate reason for concern about markets, which is

that often towards the end of a bull market, what happens is that the market's led up by an increasingly narrow group of stocks, and particularly big stocks.

People shift out of the smallest stocks as things start to get a bit flaky, but still have confidence in the very biggest stocks.

And the move last month for small stocks was pretty hefty.

Again, we have seen moves that big in the past, but not hugely often.

And again, it's no guarantee of bad things ahead, but it can be a warning sign.

It certainly was in 2007 and a couple of major downturns before that as well.

So,

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