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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who wrote (2846)	12/5/2003 10:45:42 AM
From: Mark Adams	Read Replies (1) of 110194

Was listening to the Don Coxe interview last week, I think it was, when he mentioned in his discussions with euro investment interests, they saw the metals and mining sector as 'too small' to absorb the level of money they wished to deploy. I paraphrase from memory, of course. That led to a segue on Financials, which as you know dominate market cap weightings today. Which reminded me of a good piece done by ContraryInvestor done back in, oh say 01, that showed the Ute sector market cap in relation to tech, effectively demonstrating that the market cap of tech couldn't migrate into Ute's without blowing valuations all to heck. These items support the idea that capital is available, but in hands which find themselves unable to deploy it optimally. Big picture: means a smaller pie in total for all. If correct, systemic faults result in capital being wasted. Due to a lack of effective path between 401k type flows and the investment vision which can generate nonphantom returns. Capital exists. The problem is figuring out how to deploy it correctly.

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