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For an equity bull market, overconfidence can be the kiss of death.
This can be seen in a cycle that’s played out repeatedly throughout history. At a certain point during an extended stock rally, investors get cocky and continue to pile head-first into positions with little regard for risks. Then the market faces a drastic reckoning, leaving those traders wishing they’d been more careful.
Simply put, when investors start to feel invincible, bad things happen. To Morgan Stanley, this so-called “euphoria” stage marks the beginning of the end of a bull market. And guess what? That’s where we are right now.
Elsewhere in markets news, Wall Street is set up for an abnormal earnings season. The Fed is sending mixed messages about interest rates – and Wall Street is trying to figure out what it all means. And shadows picked up by satellites suggest Saudi Arabia underreported its oil stores last year.
In finance news, a top Wall Street recruiting firm just published its hiring outlook for debt traders following a disastrous year in 2017 – and it’s not all bad.
Money management needs more women, according to Christine Hurtsellers, chief executive officer of Voya’s Investment Management team. And UBS launched a fund to invest only in firms which promote gender equality.
In crypto news, the three largest cryptocurrencies in the world are falling Monday, with XRP leading the slump. Bitcoin and Ethereum are also dropping. And a cryptocurrency created as a joke about a dog meme now has a market cap above $US2 billion.
In tech news:
- Here’s why Spotify is bypassing the normal IPO process – and why more companies don’t do it
- Amazon has a master plan to turn Alexa into a full-fledged economy all on its own
- UBS: Apple could free up $US24 billion by bringing back its overseas cash
- Salesforce showed analysts a “secret” slide with updated revenue projections through 2034
- GoPro cuts over 250 jobs and reduces its CEO’s cash pay to $US1 in huge restructuring plan
- Cybersecurity startups raked in $US7.6 billion in VC money in 2017 – twice as much as the year before
- “The Last Jedi” is struggling at the China box office – and an industry analyst says there’s a big reason why