Central Markets by Robert Lloyd, CFA

The information contained herein has been obtained from sources believed to be reliable, but the accuracy of the  information cannot be guaranteed. All opinions and outlooks are subject to change.

  • Robert Lloyd, CFA

Has Market Behavior Changed Permanently?

Josh Brown argues that the recent pattern in market behavior is a permanent change. While I don't agree, his observations are valid and explain the market action of the last few years.


There is some academic research that indicates the Central Bank addition of cash to the global markets has created a permanent support to the stock and bond markets. The reason is that the institutional money managers (banks, insurance companies, pension funds, mutual funds, etc.) do not change their asset allocation and closet index. So, a massive injection of cash without equal selling means the markets go up. I will post more on this later.



Robert Lloyds, CFA®

Chief Investment Officer

Lloyds Intrepid Wealth Management


Lloyds Intrepid LLC is doing business as Lloyds Intrepid Wealth Management. Lloyds Intrepid LLC offers investment advisory services in the State of Texas where registered and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. Lloyds Intrepid LLC and its advisers do not provide legal, tax or accounting advice. Lloyds Intrepid LLC formulates retirement plans, investment strategies, portfolio construction and investment due diligence for clients with signed investment advisory agreements with us. The information contained herein has been obtained from sources believed to be reliable, but the accuracy of the information cannot be guaranteed. All opinions and outlooks are subject to change.

© 2021 Lloyds Intrepid LLC

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