Flash Update - June 30th
There is just Greed and absolutely no Fear. That scares me and should scare you!
The Federal Reserve's promise to hold safe interest rates at zero for a very long period of time has not created a perpetual motion machine for stocks. No - it has simply created an environment where investors have felt forced to speculate, to the point where stocks are now also priced to deliver zero total returns for a very long period of time. Put simply, we are already here. Investment decisions driven primarily by the question "What other choice do I have?" are likely to prove regrettable. What we now have is a market that has been driven to one of the four most extreme points of overvaluation in history. We know how three of them ended.
By John P. Hussman, Ph.D.
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