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A lot of products had been built that stroked structurers’ egos, SRP Americas

Richard Jory, 08 June 2018

Ed Clissold (pictured), chief US strategist, Ned Davis Research Group started the day with the warning, borrowed from John Maynard Keynes, that "the market can remain irrational longer than you can remain solvent". If it wasn't for tax cuts, this year's story would be all about earnings deceleration, "but recession risk are low," according to Clissold. Referring to a slide of a 1992 advert from Radio Shack advertising products on a sale in celebration of the President's birthday, Clissold noted that all the products pictured - a TV, stereo, home computer and telephone are now "all contained in your mobile... The price of stuff is still going down".

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