I have to say, given the exhausted consumer and weak global demand, I was skeptical that the traders and churners could keep a sick dog hunting for 5 full years this cycle…but congrats to them are in order I guess. On the other hand, it just means world markets are back teetering in a hellish state of over-valuation for the third time in the past 15 years. The more they over-lever, the more painful the payback every time. Of course, the long-always insist the down cycles are completely random and unforeseeable, so they will never admit the symmetry in human behavior driving these cycles…
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