Yea I could see a double top as well being likely. I tell you the thing I really undersetimate is the stupidity of the masses. All these people blindly listen to these so-called "financial advisors" who all have the same desire, which is too just get assets under management. The advisor must tell people to "get in", "stay in" and "never get out" to keep their fat paycheck. The masses are a combination of dumb, gullible and just too busy to do anything but listen to the advisor, who is thought to possess some sort of knowledge about the future. Over the last 30 years it has been shown that profits at financial services firms have increased significantly, while average returns for the investor have stagnated, and adjusted for inflation, in real terms are simply flat. Normalized long term returns have simply been redistributed to Wall Street.
A rational person understands this and therefore struggles with the insanity of buying into this hype, however, if insanity is the word of the day, then the sane become the insane for not following along with the herd. There is safety in numbers even if the herd is running in the wrong direction.
Clearly what is happening now is just another carry-trade, this time using the US dollar. Borrow at 0% and buy risky assets. My problem and most of main street for that matter is that I/we can't borrow money this time. The ones who can borrow are the ones who were either bailed out, or don't need to borrow and therefore are allowed to borrow all the free money they want.
Thats my rant.
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