måndag 15 oktober 2012


Utdrag från dagens Hussman

it's easy to see how fleeting the intervening gains turned out to be in hindsight. However, it's easy to underestimate how utterly excruciating it is to remain hedged during these periods when you actually have to live through day-after-day of advances and small incremental new highs that are repeatedly greeted with enthusiastic headlines and arguments that ‘this time it's different.’”

And so, we find ourselves facing the likelihood of another cyclical endgame, where in Benko’s words “impatience, complacency, exhaustion, or all of the above” can encourage investors to ignore rich valuations, weak economic fundamentals, heavy insider selling, overbullish sentiment, overbought market action, increasingly negative earnings preannouncements, and other syndromes that have historically been hostile for stocks.

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