The writer is editor-in-chief of Money Week
One thing stock markets are extremely good at is storytelling. Every bubble, every shift in market sentiment, comes with a good yarn. You could even characterise a market as a story competition — the best one gets to provide the framework for the winning investment strategy.
Look closely at the market, and you will see that whatever people say about stock market analysis being driven by models and maths isn’t quite true. We were hearing the story of bitcoin — how cryptocurrencies will save us in an age of government over-reach and fiat money meltdown — long before the models comparing its market capitalisation to that of gold appeared to justify a forecast price of $500,000.
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