Greed and fear are critical market factors. They hide behind the bull and the bear and drive animal spirits. Truth is we need both of them. A drop of greed - remember the invisible but interested hand of Adam Smith - but not a pure one - mixed with a pinch of fear - but no panic. Our capacity to dose appropriately both ingredients in our exit cocktails is of the essence. Too much fear? Paralysis eyes wide open will strike back. Too little: the virus will hit again. Too much greed: social unrest is granted. Too little: we will fall asleep eyes wide shut. Probably worth thinking more how to complete the potion. In no particular order how about adding a portion of forward looking, an amount of solidarity, a touch of systemic approach, some measures of externalities, and a drop of common good on top for the taste ans the color? It means keeping markets and market spirit alive. They are necessary. In order to not be seen as foolish or naive it also means twisting for real some of the key settings: accounting rules, fiduciary duties, compensation practices, reporting regulations etc... As the markets seem being propped up again by positive news-flows it is probably time to discuss clinical phase 1 of this potion. Cheers #marktoplanet
