Barclays: Forget Valuations! Animal Spirits Are Driving The Market Higher

  Animal Spirits to drive the market higher? Move over Benjamin Graham and Warren Buffett, analysts at Barclays have come up with a new way to value the equity market.   At a time when many analysts and investors, particularly those with a value slant, around about the level of the market, Barclays is doing its best to come up with a metric to justify their buy rating on stocks considering the high equity market multiple. The metric they’ve arrived at is “animal spirits”. Yes, you read that correctly, Barclays is using investors’ perceived animal spirits to justify “permanently high…