Even Taco, with his erratic tariff moves, could only briefly send markets downwards. These past weeks, stock markets have hit record highs. «The uncomfortable fact about its historic run is that no one really knows why it’s happening», this analysis begins. It gives a good overview of classical theories that no longer seem to apply and offers one possible explanation: more and more people invest and forget.

From Weekly Filet #538, in August 2025.