I am of the view that we haven't seen the final bubble yet.
A nasty correction that will work itself out.
The recipe for a crash is non existent.
# The mood is cautious , if not outright gloomy.
# The breadth of the market is not terribly bad....Many stocks are making or clinging to their multiyear or all time highs.
# Inflation is low....Not deflation....nor stagflation.... but disinflation.
# Interest rates are low globally....Will likely stay low for extended periods.
# QEs & more QEs....Not necessarily a bad thing with sound economic base , unlike money printing in a godforsaken place like Zimbabwe with non existent economy where inflation ran rampant a decade ago.
Central banks allover the globe are dead set to kick start "healthy" inflation....The Japanese "lost decade' was a good lesson & will not be repeated.
# Gold may be factoring the start of a pick up in inflation.....But gold is the most difficult part of the puzzle to understand.
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