An underwhelming earnings season is winding down while stocks struggle. The sell-siders are, bluntly, panicking.
I wouldn't be surprised in the least to find many of you have heard from your advisors over the past few days - advisors with a vested interest in keeping you long the markets (and ensnared in their asset-based fee models).
I'd also bet you're being told "not to worry." I bet you're hearing a lot about companies "flush with cash" and "beating their earnings expectations."
I bet you're being told, despite the obvious signs all around us, that this market is "uniquely solid" and that "the numbers confirm it."
That's because I'm a hedge fund guy. I know the legal tricks and accounting stunts that keep CEOs and, well, hedge fund guys "well-remunerated."
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About the Author
25-year run as a hedge fund portfolio manager, family office chief investment officer, managing director and general counsel. Internationally recognized expert in credit and equity markets as well as macro risk management.