As institutions, hedge funds and even retail flows have been selling equities all year, central bank interventions and the largest corporations borrowing to buy back their own shares have managed to prop a low volume bid under wobbling broad markets. Still, the Canadian TSX Composite is today clinging to the same level it was at in April 2007 and January 2011. The NYSE is unchanged since October 2013 and the S&P 500 (below) was here last in November 2014. Tons of capital risk and volatility for zero progress with breathtaking downside from here. Road to riches or ruin?
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