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  • Australian shares drop from record high ahead of Reserve Bank decision

    From abc.net.au

    Australian shares have fallen in afternoon trade, ahead of the Reserve Bank's decision on interest rates and monetary policy. The ASX 200 index was down 0.5 per cent (to 7,125 points) by 12:10pm AEST. The share market briefly hit a new record high, above 7,200 points, on Monday – but it quickly reversed course and closed in the red. Most stocks on the benchmark index are trading lower, with Nearmap (-4.5pc), Adbri (-4.2pc), Lynas Rare Earths (-4.2pc), Pointsbet (-3.9pc) and Bega Cheese (-3.2pc) being some of the worst performers. Mining companies rose sharply, including Fortescue Metals (+2.4pc), Mineral Resources ... (full story)

Many things make a record high everyday including things which are very relevant to share prices. So if your companies are not making record highs (including dividends) on a total return basis then that is a very ugly scenario. And the things making record highs? Population (Australia increases by one person every 4 minutes or so), housing prices and many other key prices, wage rates and total hours worked, investment in plant and machinery and capital formation, politicians' salaries, consumer spending and all of the above for the rest of the world.

So why do we continue to see record high share markets as something to point out in these amateur articles? There are other sensible measures of valuation of share prices and again why should we hear only about irrelevant measures? This is 2021!
any explanation is better than none -- what happened to the old, "it dropped due to profit taking"..
grist for the mill
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