Get Ready for a “Zero Returns” World…
Dear Diary,
Where is that old and tattered “Crash Alert” flag?
Many times since the start of the rally in US stocks in 2009, we hoisted it. And many times has it failed to give us a useful signal.
But we will bring it out again, if a bit sheepishly… and let it wave, in the warm Argentine air.
Why? Do we know a crash is coming?
No, of course not.
Is our flag a good indicator of what will happen?
Apparently not.
But we regard it like the “Shark Alert” flags you see on the beaches of Australia. (Down Under is the only country in the world to have a chief of state who was eaten by a shark.)
The “Shark Alert” flag doesn’t mean you can’t go swimming. It means if a shark takes a bite out of you, it’s your own damned fault.
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