This clip is a beauty…sounds exactly like the mainstream fare filling the airwaves today. These are the same confident fools who saw only upside in 2000 as well. Both times, stocks went on to lose 50%+ over the next year or so. Ah I remember it all like it was yesterday. The truth is that most commentators and managers add absolutely zero value because they simply ride risk up and ride risk down, until their clients and followers run screaming from the building missing limbs. Reckless confidence and willful blindness are the surest way to lasting financial pain. Capital can go lots of places, but in the end it will only survive where it is treated with patience, care and respect. Here is a direct link.
And a little reality reminder courtesy of Zero hedge.
“Six years ago today, with the S&P 500 around 1460 – having risen 20% without a correction for seven months – a handful of Wall Street’s best and brightest joined CNBC’s Larry Kudlow and Bob Pisani to discuss the Goldilocks economy, why the bears are wrong, and where the market is going next. Sometimes, we just need a reminder to snap us out of that recency bias… for example, Bob Pisani: “We have got a global rally going on… and the important thing is… there’s a floor to the market – every time, for the last seven months, they sell the market down for 2 days, it comes right back.”