There's nothing wrong with what the Fed is doing. The problem is that when you ease like that in a speculative environment, all that capital gets misallocated.
Now the overwhelming fear among portfolio managers is being left behind.
People are paying Bentley prices for Volkswagens and Volkswagen prices for Bentleys. As in the bubble, people ignore the fundamentals.
Our indicators are not even close to suggesting such lofty returns.
Bull markets don't start and end in a two-week period, which seems to be everyone's expectation these days. They are much slower and more gradual, and there is plenty of time to join in the fun.
It gives a chance for kids to see more aspects of literacy if we do it in a week.
The opposite of I love you is not I hate you. It's I don't care.
The equity analysts that follow these companies are assuming that the commodity prices we're seeing are attributable to strength in the global economy. What we don't know is how much.
It's hard for me to get excited about a cyclical recovery when I personally think that the risks of a double-dip recession are increasing. If anything, the fact that tech is outperforming underscores my notion that the U.S. market is still highly speculative.
We find very little improvement. There really hasn't been much balance sheet repair at all.
