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Surfs Up, It is hard to comment on insane behavior, and the market is totally wacko. However, under every bubble, there has to be a scintilla of truth. They require either growing earnings, declining interest rates, rapidly increasing top lines, trade surpluses, real productivity growth etc. All of these factors are at or near recession levels, not bubble levels, so it is just a matter of investors opening their eyes. So far, with so many technicians and astrologists looking at things that do not matter, the market has been able to rally after any drop. But I think we go down triple digits, then quadruple digits one day soon, and the dream is over. MB |
