Seems as though we have perpetual state of hedge fund conference with all those biggest and brightest men (wish I could say and women) in the world of finance. The conferences are set to provide a forum of discourse and a sharing of ideas. Surely has nothing to do with egos. Actually I’m sure it does but that’s no different from Hollywood and all of the self celebratory events they now have. This is our world, love it or leave it.
Listening to these guys today and over the past few conferences we definitely hear less euphoria but we still hear very little honesty from this crowd. Almost no one is willing to admit that the US markets have gone complete retard and are not just overbought but grossly overvalued to levels never before seen. I can’t tell you how many guys suggest and/or agree that the markets are about average relative to historic valuations.
Such a view of course is based on PE’s that have been totally synthesized by way of share buybacks and diverting capex to income. That’s it. And if these guys honestly believe that corporate performance has been strong enough to support what can only be described as the absolute best market performance ever well then I’d like to sell them my magic porcelain genie pot just full of treasure I know they appreciate.
This post was published at Zero Hedge on 05/08/2015.
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