Let's face it greed is a lot more fun than fear. I would like a clinical study to be done which compares the longevity of shorts against longs. <G>
What is missing from that article is consideration of the relative value of different investment types. In this interest rate environment a return of 5% can look a lot better than the yield on a 2 year treasury bill.
The Fed model which compare equity with bonds shows the market to be undervalued.
A better model would embrace other forms of investment and their rates of return to include real estate, commodities, stock, bonds, corporate paper, etc. Each with their respective yield, volatility and beta.
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