This Is Central Planning: A “World Of Activist Central Banks” Who “Manage Price Levels In Markets”

• This Is Central Planning: A “World Of Activist Central Banks” Who “Manage Price Levels In Markets”
  by Tyler Durden, www.zerohedge.com  
  Remember when news, fundamentals, ungoalseeked “data”, and even math, mattered? Since it is becoming increasingly hazy, here is Bloomberg’s Richard Breslow waxing nostalgic over the good old days.
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  Cui Bono, by Richard Breslow
  The bad news is that we are investing in a world where Graham and Dodd’s “Security Analysis” has become a quaint relic of simpler times, when the nuts and bolts of a company’s fundamental were meant to motivate how analysts viewed its prospects. Now we have QE and buybacks.
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  We live in a world where good Keynesians Tobin and Brainard’s work on valuation (which led to Tobin’s q test) was meant to remind investors that markets needed to be grounded in some form of reality. (Interestingly, as an aside, William Brainard was strongly in favor of Janet Yellen being appointed to the Fed Chair). Today we read that equities are at all-time highs because weak economic numbers may keep the Fed on hold longer. The good news is that investing is a lot easier if you have central banks on your side.
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  Central bankers admit they follow the markets, as they should. What has evolved in this world of activist central banks as proxy sovereign wealth funds are policy makers who watch, care and try to manage price levels in markets, rather than managing liquidity and continuous pricing.
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