I2: Re: "Unfortunately, my largest sale was in PBTCX, which has gone up the most."
As you know, Bob's call must be measured against the broader market. PBTCX was up what --- over 230% last year? The strongest are always the last to fall in a declining market. Why? All the fish are chasing them from their underperforming holdings. One cannot predict with accuracy the extent to which a crowd will chase winners in a speculative market.
I have noticed this weekend that I have not heard one talking head address the possibility that we may be at the start of a bear market now. I find that fascinating. The Dow is dead, blah, blah blah. Ignore the Dow, blah, blah, blah. There is a new economy and an old economy, blah, blah, blah. Gee, I thought we had one economy when you add it all up. Okay, forget about the Dow and the Naz, why not address the S & P 500. Silence. Looks like a downward channel to me. Can we really rally to new highs with the financials in the tank, $30 oil, rising commodity prices, a tightening Fed., gold on the move, valuations at all time levels, sentiment at historic levels, a worry free consumer and historically tight labor markets? More silence. Time for the leaders to fade here. |
