If your mother does not understand what you are saying then neither do you.
Wednesday, August 12, 2009
Yes, Virginia, you can occasionally find markets that are ridiculously inefficient
Via FT Alphaville:
Gluskin Sheff chief economist David Rosenberg makes a lucid point in his Wednesday report:
It does appear that we have some groupthink to consider — virtually everyone at this stage is now bullish on the market. This could mean that we are not going to get a lot more buying power to propel this equity rally over the near-term as it means that we have a lot of good news priced into the market. As an example, a CNBC poll released yesterday showed that 90% of Wall Street economists believe the recession has ended. It is highly unlikely that 90% of the economics community can be right on the same thing at the same time.