The trading frenzy in GameStop shares over the past week has provided further evidence of a yawning disconnect in markets.
It is one more instance of a gap between Alice in Wonderland equity market valuations and the deeply uncertain outlook for profits and economies arising from the coronavirus.
Retail investors' success in inflicting a squeeze on hedge funds betting on a fall in stocks such as GameStop was as unexpected as their relish in the David and Goliath battle was palpable. Yet the resulting extraordinary gyrations in the market raise tricky questions about market efficiency, regulation and financial stability.
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