UP IS UP

I do think amazing values were unearthed in 2009, they are all gone now, riding momo is the game now not value IMHO.



The bigger pic for me is I’ve never understood how an economy can grow and see both bank loans in general and consumer credit both contract.



The stock market is divorced from reality, the blood letting in jobs is mostly over, we are far from getting even minute portion back to work. Banks are not valuing their assets properly, so IMHO SPX earnings are wildly overstated. Fair value closer to 800-900.



Up is up, I can’t argue that….proof we have anything more than mirage I can’t get my head around that…not in B’more anyway