The market has an admirable ability to completely disregard reality. Just look at the S&P 500's 2.3% gain last week.
We don't have that luxury, so I spent the last week grappling with it.
You see, I spoke on two panels at John Mauldin's Strategic Investment Conference 2016 in Dallas last week, each discussing the credit markets. Some of the best minds in the investment world were there, giving their views: David Rosenberg, Mark Yusko, Lacy Hunt, Charles Gave, Dr. Pippa Malmgren, David Zervos, Grant Williams, Niall Ferguson, Dr. Gary Shilling, Jim Grant, and of course our distinguished host himself, John Mauldin.
Now, like me, none of these individuals is a "consensus thinker" – each of them brings unique, out-of-the-box insights into markets that are infinitely more valuable than what is available in the mainstream financial press.
The food and entertainment at the Mauldin conference were wonderful. The outlook, considerably less so.
So today I'm going to tell you exactly what's got us so worried.