From WSJopinion: Markets climb a wall of worry and top out when there is nothing left to worry about and all the good news is baked in, writes andykessler. My advice is to figure out in which direction the consensus is wrong.
I love Wall Street adages—find all 30—that help explain today’s crazy markets. One that keeps popping into my head lately is “bulls make money, bears make money, but pigs get slaughtered.” I’ve called this market bubblicious, and markets still push relentlessly higher. My mentor, the famed investor Barton Biggs, explained, “A bull market is like sex. It feels best just before it ends.” And now as coronavirus variants come and go, we see 500-point yo-yo swings.
Near-zero interest rates fuel the fire. Don’t fight the Fed! But rates may rise this spring, which is why high flyers and meme stocks have been reined in. A good proxy is the ARK Innovation ETF , down 38% from its February peak. It is smart to leave early before everyone rushes for the exits.
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