The writer is senior adviser at Engine AI and Investa, and former chief global equity strategist at Citigroup
Shrinking equity supply has helped this bull market defy the bears. Fewer new shares have been listed. More old shares have been delisted. This may be changing.
Back in 2003, public equities were looking very cheap compared with bonds. The S&P 500 index had dropped 50 per cent from post-dotcom-bubble-crash peaks and 10-year US Treasury yields, which move inversely to prices, had fallen to 3 per cent. However, institutional investors, and their regulators, had been so scarred by the bear market that they could not, or would not, close this valuation gap.
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