Tuesday, February 12, 2008
Nattering Nabob of Negativism
Here are the last three covers of Business Week magazine. In my forty years of dealing with markets I don't think I have ever seen any national publication, even a "trade" publication like BW, publish bearish cover stories three weeks running. Business Week editors must be pretty confident of their assessment of the economy's and the market's prospects.
This is one bet I am happy to copper. My best guess is that all the markets have well discounted the foreseeable consequences of the current "credit crunch". If I am right we shall see all the major averages at new bull market highs in a few months time.