Hedging against the spectre of stagnation

While some of the recent stock market sell-off has been driven purely by negative narratives, some hedge funds are making more permanent shifts.

Why has fear returned so virulently to equity markets in recent weeks? After rising steadily since February, both the ASX and the S&P 500 have dived by close to 10 per cent  from the September peak to last week’s trough.

One theory doing the rounds is that a vague sense of foreboding linked to “secular stagnation” – more on that in a minute – has broken into investors’ consciousness and made them suddenly risk-averse.

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