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Justifying The Bubble
US stocks. You gotta have 'em. Unless you want to underperform. And nobody wants that.
The problem
Ok H … I don’t pushback on you too often, but your lead in to this story – BLAH!
I, for one, am OK underperforming SP – generically speaking – amateur, right? Bond guy – yes.
I will gladly go lower in performance shorter time frames with way lower risk – especially today when risks are certainly going to convert to issues. At the end of day in my mid-60s, capital preservation and quality cash flow is WAY more important than equity valuations greater than SP.
Michael, I’m not sure what the “pushback” is. If you ask 100 PMs whether they want to underperform, 100 of them will say, “WTF are you talking about?” Because… I mean “No,” right? We can quibble over Sharpes if you want, but if you ask a room full of people with a benchmark “Who wants to underperform this year, raise your hands,” you’re going to have a room full of full pockets.
Plus, this is obviously a throwaway article. Come on: No longtime reader’s here for these types of articles at this point, after 8 years. I’d wager most longtime readers skip a lot of the market coverage entirely by now, or else read it days later. That assessment’s supported by my internal analytics, btw. If it sounds like an opinion article, that’s what the longtime readers are clicking on and through to. If it sounds like a market article, that’s what the newer subscribers are clicking on and through to.