Trader: ‘Stocks Are Overvalued And We All Know It’

Former trader and current guy gritting his teeth and drumming his fingers on the table at the daily staff meeting, Richard Breslow, is out with his daily missive and this one revisits what we've called "The Wave Paradox." We've couched this in terms of investors not being able to differentiate between good decisions and decisions being good in part because you made them. But another way to explain it is to simply call it a self-fulfilling prophecy. It's Howard Marks' "perpetual motion machine."