30 May 2002 “War is Hell”
Posted at 15:30h
in The Friday Brief
In answer to the pleas of the citizens of Atlanta trying to save their city from destruction by fire, General Tecumseh Sherman wrote his infamous response “war is hell.” As May draws to a close, it is war that worries equity markets. Continued improvement of the economy has been insufficient to lift stock prices. The declining dollar, Israeli-Palestinian tensions, and looming war between nuclear powers, India and Pakistan continue to suppress equity values. It seems like that old malaise is back.