Q: You have been a bear for quite some time and don't buy into the present rally at all. Why is that?
A: The single biggest risk in the current investment landscape is the failure to pay attention to an important, multi-decade turning point that we at bhc investment pointed out to our readers back in 2007 [1]:
The Dow is making [a] new all-time intraday high, but it does NOT change my bear view on the US market... the new high is not confirmed by the S&P 500 and Russell 2000 futures.
bhc investment, 2 October 2007
That was a comment we made before the 2008 financial crisis became a common knowledge. The non-confirmation marks the end of a multi-decade bull market that started in the 80s. I repeat: it marks the end! We have been bearish from Dow 14,000, 12,000, 10,000, etc; not 8,000, 9,000, 10,000.
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