If, on the other hand, you’re just buying on the assumption that there will be a greater fool willing to buy even higher, well then carry on because that seems to be a “fool”proof strategy – pun fully intended.
So what do you do if you’re an analyst or a fund manager in this scenario?
Because it’s not like Icarus fell into the ocean and drowned in the myth…Â Â
“We would not be surprised if we reach [the year-end] target during 1H2018 and it marks the high for the year.”
Obviously, nothing could go wrong here.
“Yet, we would argue that the mere fact that investors fail to spot trouble in a single sector should not be grounds for comfort: the reason why no single sector stands out may be that all the sectors are mispriced.”
The air up here is thin.
“The only thing to fear is fear itself.”
But we would caution that you have now run out ahead of your fairy godmother…
Platitudes.
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