Equities Are Not An Asset

While the markets are celebrating the Euro-zone bail-out, let's dive into the words of legendary Russell Napier that gave an interview in latest MoneyWeek magazine:

... Equities are not an asset. They are a fine sliver of hope between assets and liabilities. ..

On general economics, there is an interesting read by Adair Turner: "Economics, conventional wisdom and public policy".

And look at this, if you want to know what happens in markets, when bank robots go on strike ...