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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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From: Tommaso3/15/2005 9:03:33 PM
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I never intended to be anything other than a long-term investor, but starting in 1998, Alan Greenspan's Federal Reserve made it its busienss to stave off every natural adjustment of financial imbalances, and even to anticipate some crises that never came (such as Y2K). I suppose the reponse to what I have said would be like the old story about the man seen strewing purple powder around his property to keep elephants away; when it was pointed out that there was not an elephant within 10,000 miles, he said, "See! it works!"

However, there is an awful of of purple powder around now, in the form of foreign liabilities--claims against the United States.

This tsunami of liquidity has brought on successive bubbles and caused some of us (such as John Templeton and myself <G>) who would never have considered short selling to take it up.

Many truly great investors now consider that the stock market is "broken" and that for the time being there is almost nowhere to place money. The Canadian energy trusts that have done so well for me are a pretty recent invention; I consider myself most fortunate to have discovered them, especially that wonderful leveraged entity, Energy Split. And even oil sands are becoming respectable.
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