I wonder if that was part of the dinner table discussion that we didn't hear about. "Hey guys my royalty checks are getting pretty thin. What say you if we spark up some interest and fatten up our portfolios."
I like Mauldin more than Rogers but I put the lot of the economic, and market book writers about as much as I like my dog. He has his uses and I like his company but I only provide him as much as he maintains his usefulness and companionship.
Frankly there is a lot of money going around to world to not have a bull market somewhere. If each nation’s indices is equivalent to a company and its stock the result is that the world is in a bull market that is outperforming the US. But since there is a global bull market it only stands to reason that the laggards eventually rise.
I mean have you seen how high margins rates are going up? You can't just sit in cash, especially if you are a huge institution so you have to put the money into something and if margin rates get too high you either curb your borrowing or you take on more risk and drive volatility higher to obtain larger swings and thus more profits over the rate of borrowing.
I think there is a distinct coloration to the cost of margin or borrowing of funds for investment and trading purposes and the volatility and or trend of a market. Drive rates up and volatility increases drive rates down and you get tighter trading ranges.
Len - I try not to get into arguments. I only play the devil's advocate by providing a sounds and reasonable opinion about a topic. Not because I believe it or keep it as my ideology but only as a means of calibration.
To keep an open mind about anything you have to embrace the opposing argument as much as you hold your own. To be truly open and tolerant of all people you must first find sound reasoning and judgment in standing against them and being intolerant. To be peaceful you have to first be violent and understand what benefit there is in it. To be wealthy you must first know what it is to be impoverished.
Buddhists call it walking the "Middle Way". You discover the extreme values of any idea or concept and then find the center. In my opinion and not Buddhism’s you do not have to always live the "Middle Way" but simply have an understanding of it. To be aware of where the center of the universe is sort of like a guide marker. Without it you can get lost in life leaning to one form of extremist and never the wiser of what you have become.
I'd rather enjoy arguing with you. You seem to be a very intelligent and rational individual. I appreciate that. Although I think we would be hard pressed in finding anything that we completely disagreed on or could not see the other side of.
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