Stock markets have baffled many onlookers in recent weeks. The FTSE 100, the Premier League of London’s biggest companies, has risen by 26 per cent from its lows in March, while the recovery on Wall Street has been even more impressive.
The dramatic surges, coming at such an uncertain time for the global economy, have caught out some of the world’s most renowned financial minds, including Howard Marks, the billionaire co-founder of Oaktree Capital, the American investment giant.
In a memo to investors this week, Mr Marks, 74, said: “The world is combating the greatest pandemic in a century and the worst economic contraction of the last 80+ years. And yet the stock market — supposedly a gauge of current conditions and a barometer regarding
