John Kenneth Galbraith in The Great Crash, 1929 describes bezzle theft where there is an often lengthy of time period between the crime and its discovery. The person robbed continues to feel richer as he does not know of his loss, at least yet. In favourable markets, bezzle increases, only being exposed by changed conditions.
Today, investors, either directly or through pooled funds, are being bezzle-d.
Since 2009, low returns and loose monetary conditions have driven a search for yield. Investors looking for income initially moved out of traditional safe investments into corporate bonds and high dividend paying shares. As returns fell further, investors have increased credit risk and their exposure …
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