If that's not enough please humor me.
What's funny is everyone in the mainstream is defending. Including Warren Buffett.
And this is the response from Cliff Asness
You know where I stand. Make up your own mind.
This is a global equity story. Not just the US.
Indian benchmark indices touched all time highs today.
Watching ETNOW and CNBC in India is funny. Their condescending opinions about markets are the daily dose of entertainment for me.
Even more amusing is how the opinions turn on a dime day over day.
With all due respect though. It's a tough job they have. I wouldn't fair better in all honesty.
But investors should.
Global economies are sitting on massive debts with US leading with $20 Trillion. Federal Reserve consistently rising interest rates. Brexit in 2019. High yields on Bonds. Slowdown in China. Geopolitical tensions. Domestic problems being 2019 Elections, Bad Health of the Banking System, increasing Fiscal Deficit (High prices of Oil and Gold) Not sure what will be the excuse for the next bear market. Let me know your thoughts on this.
Anyhow..I have sort of investigated fundamentals and quants for living. And technicals for thrills. So I would agree with you mostly.
All the problems you mentioned are not new. The only problem is insane liquidity. When that runs out, we'll have some bad shit hitting the ceiling all at once.
But it's complicated issue.
As for India, yeas, I am very bearish.
For all the stupendous returns, we haven't done any better than EMs as represented by MSCI EM.
So not so special after all. The political situation is definitely a massive problem no matter which way one swings.
But the markets are drunk. And this is not the first time.
The problem goes back to mid 90s at least. To LTCM days when the Fed first got involved. After that dot com happened. Then the subprime. Each one worse.
The next one would be truly disastrous I think.
We'll see when.
Right now I like USD. IT and PHARMA if we must in Indian equities.
I have a portal where you can analyze these things yourself.
Try it on your computer (small screens don;t render too well) and let me know if this is useful. Or if you have any suggestions please.
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