Weekend Reading: A Day Late Edition

Links for the Week ending Feb-13, 2011

I apologize for the delay. I had a rather busy weekend and did not get this out yesterday. Here are some of my favorite reads from last week but first the early candidate for quote of the week comes from John Hussman. As always his weekly market comment is a must read if you have not already done so.

And here we are again. This is not to say that we can rule out yet higher valuations, but with no transformative technologies driving the economy, little expansion in capital investment, and ongoing retrenchment in consumer balance sheets, I can’t help but think that the “virtuous cycle” rhetoric of Ben Bernanke is an awfully thin gruel by comparison. We should not deserve to be called “investors” if we fail to recognize that valuations are richer today than at any point in history, save for the few months before the 1929 crash, and a bubble period that has been rewarded by zero total return for the S&P 500 since 2000. Indeed, the stock market has lagged the return on low-yielding Treasury bills since August 1998. I am not sure that even members of my own profession have learned anything from this.

The Links…..

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