it takes your breath away - friday, page-28

There's a strange logic going on.

1. "Everybody" says it's a "bubble"

2. Which means that "everybody" is taking their money off the table.

3. Which means, ergo, the market should be going down because there's so much selling.

But it's not going down - so "everybody" must be buying.

Actually - I read a lot of pundits who are saying things like:

next year won't be as good as this year - but maybe another 10% or 14%

and - this market will keep going up for another 2 years, 3 years, 5 years, there's another 40% in this, etc.

There's still a helluva lot of bullishness out there.

There's a few bears - Bob Janjuah from Nomura. John Hussman from the eponymous fund, etc.

There's plenty of people on XJO forum who are with them. But plenty aren't.

Look at Gunter - he's piling in (cause he might miss out) - and making a motza. Plenty of others.

I don't buy the talk that says: Everybody says its a bubble, because everybody says its a bubble expecting it to go down - so it must go up.

It's the Gunters of this world who are pushing it up. They're chasing momentum. And, eventually - it ends badly. I hope they got out before it does.

The same mentality occurred in the 2007 Real Estate boom/bust. "Everybody" was buying and flipping - and doing it on borrowed money. It was pass the parcel. That's where we're at now with the stock market.

It can keep going up - until the music stops.

Redbacka - (A Big Grumpy Old Bear).