By Pater Tenebrarum
Only Sell Stocks in Recessions?
We were recently made aware of an interview at Bloomberg, in which Tony Dwyer of Cannacord and Brian Wieser of Pivotal Research were quizzed on the recently announced utterly bizarre AT&T (T)-Time Warner (TWX) merger. We were actually quite surprised that AT&T wanted to buy the giant media turkey. Prior to the offer, TWX still traded 50% below the high it had reached 17 years ago.
The merger of AT&T and TWX simply doesn't appear to make much sense. It certainly is a symptom of loose monetary policy, though.
The merger as such is actually not what we want to discuss, though. Rather, it is a remark of Mr. Dwyer's regarding the stock market in general and what the recent merger mania is signaling. He makes two major points in the course of the conversation. For one thing, he…