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Stay Away from This Irrational Indulgence
When I see the market rally mindlessly - as it did on Friday, after the jobs report pushed the jobless rate down to 5.4%- I ask myself a set of questions like the following.
Do investors really think it's going to matter if the Fed raises interest rates by a quarter of a point in September instead of June? Do they really think it's normal that €3 trillion of European debt is yielding less than zero? The Swiss National Bank (Switzerland's Federal Reserve) owns $100 billion of stocks...Is that considered normal?
When I see the market rally mindlessly - as it did on Friday, after the jobs report pushed the jobless rate down to 5.4%- I ask myself a set of questions like the following.
Do investors really think it's going to matter if the Fed raises interest rates by a quarter of a point in September instead of June? Do they really think it's normal that €3 trillion of European debt is yielding less than zero? The Swiss National Bank (Switzerland's Federal Reserve) owns $100 billion of stocks...Is that considered normal?