Lack of love for business leaders bodes well for equities

WHERE have all the heroes gone? Hero CEOs, that is. Late in bull markets, investors typically christen a slew of rising corporate leaders as near-infallible. They go all in on visionaries' views of a far-flung future in which their companies dominate.

But such romantic tales are hidden warnings. CEO celebration signals rising exuberance - the kind stretching expectations to unattainable heights.

The good news? Lionised chief executives are few and far between right now - a bullish sign equities aren't near a euphoric top yet.