Yeah, LT, CNBC sure did a lot of back patting. They think they are doing such a great job, helping thier viewers make money. More like the pied piper leading the sheep to slaughter.
AR - here's a story for you. Was at a house warming party last week. Talked to a guy who sells insurance, key man insurance, estate planning, etc. who is partners with a money managers. When I left work in 1997, I briefly considered working with these guys. His partner seemed really sharp, At that point he was pretty down on US equities (overvalued) and he had lots of clients in South American mutual funds.
Anyway, they recently have had their clients in the Janus Funds (you know, those funds stuffed with AOL, CSCO, etc.) and have been buying large cap growth - tech, large banks, etc. They know the market is high, but that's what they have to do to make money, and besdies, the market is gonna crash or anything silly like that.
As Mike/Will love to say, tough love fer da bulls is comin.
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