the day of reckoning is here, page-110

Yes, I agree.

I think there?s a big difference between the market situation in 2008 and today. Then, very few people were expecting a crash and even fewer predicting one publicly. Moreover, institutional portfolios were stuffed with all sorts of toxic rubbish.

Today most investors are aware of the possibility of another crash, and it?s been my observation after many years in the market that they occur when least expected.

I know that the fundamentals for the world economies look extremely poor, but it?s not as if people aren?t aware of this.