Jan

8

Maybe the most appropriate phrase to mention when talking about markets (over the last 15 years at a minimum) is "Time heals all wounds".

From the Asian crisis to long term capital to Y2k to Sept 11th to 08…it seemed every one was going to be the last…and the end of the world. (I remember sitting at the desk in London, as some one came through the headset in the midst of the '08 panic shouting, no cash in any ATM in the square mile). Rumours or truth, who knows, but panic it was.

How many fortunes were put on hold, as economists and managers argued the toss, how this would be it, and it was difficult not to get involved while struggling to believe that all would be well. How many talking heads said they were was absolutely right, (but took 3 years and 20% rally in the meantime that they let slip before they got thier reward). How many smart men have also under performed due to this (Hussman is in the back of my thoughts, obviously many more).

It now appears the Euro currency is looking sweet as a nut, and all is in order.

I don't know if the cheese can continue to be plugged, but it looks like it certainly has paid to bet that way (while those holding a few short end rate futures in the top pocket from the outset seem to have done well to boot).

Maybe those that have seen this from the 60s and 70s caught on early, and saw every problem for what it was… opportunity… the Cane's hobbling down to Wall Street as the chair mentions.

As many of you have pointed out, with so many now with a vested interest to keep this robot, underpinned, possibly it will continue to surprise as dips kick in into the future.


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