With the 52nd Berkshire Hathaway annual meeting - dubbed the "Woodstock for Capitalists" which is "unique in corporate America, a celebration of the billionaire's image and success" - now in the history books, all that's left are the quotes and avuncular aphorisms.
With the Nasdaq 100 index making new record highs on practically every day of 2017, and returning 32% during the past 12 months vs. "only" 19% for the S&P 500, Goldman's clients are starting to get concerned. And, as Goldman's David Kostin writes in his latest weekly letter, increasingly nervous investors are asking "whether NDX outperformance will continue."
Via Francesco Filia of Fasanara Capital
“Learn how to see. Realize that everything connects to everything else.” – Leonardo da Vinci
Hard data ceased to be a driver for markets, valuation metrics for bonds and equities which held valid for over a century are now deemed secondary. Narratives and money flows trump hard data, overwhelmingly.
"Something is off," warns RBC's head of cross-asset strategy Charlie McElligott in the introduction to his latest market noting that the swing in US fiscal policy optimism is coming at a critical time as the China's liquidity tightening is spooking the reflation story.
SUMMARY:
Earlier today, MarketWatch highlighted the rather blunt investing advice that the 'highly reputable' investing newsletter, The Prudent Speculator, and its editor, John Buckingham, recently offered up to millennial investors:
“If you are 50 or younger, or have 10 years before taking money out, and do not have 100% in equities, you are crazy.”