Equities and the passions

Editor's letter


"The worship of the senses has often, and with much justice, been decried, men feeling a natural instinct of terror about passions and sensations that seem stronger than themselves." So wrote Oscar Wilde in his cautionary tale of sensuous abandon, "The Picture of Dorian Gray".

Equity markets are finance's traditional home for animal spirits, and in a world increasingly dominated by structured, predictably tailored cash flows, equities alone retain the ability to excite the emotions. Witness t

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