There's a bull market in uncertainty

It’s been a volatile start to 2016 for the markets and the only thing we seem to know for sure is that no one knows anything.

In a note to clients, UBS’ Julian Emanuel highlighted the following the chart which shows the increase in the number of stories on Bloomberg that contain the word “uncertain.”

Whether its currency moves out of China or the Federal Reserve’s next interest rate decision, the overriding narrative in the market has been the certainty of uncertainty about what happens next.

Emanuel writes that, “the media have fed the uncertainty beast vigorously,” leaving with views like those expressed by Horseman Capital’s Russell Clark, who wrote in a recent letter to investors, “The future for me is now more uncertain than at any time I can remember.”

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