Wall Street Doom Prophesy Falls Flat

Gustav Sällberg från Prior Nilsson  
”Jag tror att fastighetsaktier kan dubblas på två, tre års sikt.”

Prior Nilsson 

The last few years of gravity-defying markets have proved unkind to the pundit class

With the US economy expanding at a healthy clip, a Bloomberg-compiled portfolio tracking equities, Treasuries and corporate debt is poised for its best five-month performance since 2016.

Perhaps it’s no coincidence that the S&P 500’s latest leg up began in October — just when economists started to ratchet up their 2024 forecasts for US household consumption.

“The return of the YOLO was not on my February bingo card,” said Scott Rubner, a managing director at Goldman Sachs Group Inc., referring to the “you only live once” acronym that’s often associated with the gambling retail crowd.

“I need to wake up every morning to see what stock can rally 50% by Friday.”

“We’re not in a bubble. The word is way overused,” Siegel said. “I don’t see red flags.

The exuberance is spreading across the globe.

Banks are back selling AT1 bonds — the type of securities wiped out in Credit Suisse’s collapse a year ago — and being met with strong demand.

Dogecoin are outperforming even Bitcoin

Bloomberg 15 mars 2024 at 21:32 CET


When the walls come down, investors will scavenge the news for “catalysts.” 

Don’t fall into this trap. Undoubtedly, some “catalyst” will be found, but the mistake will be in believing that the collapse is caused by that piece of “bad” news. 

The important question to ask is “What drove the bubble?” 

John P. Hussman  2021



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