The other day, after reading one of my posts, my old boss sent me a note. It was a comment about the madness of investors chasing the hot momentum tech stocks.
‘We were reminiscing about this stuff last night and I clearly remember that near the end [of the DotCom bubble], CNBC decided to have the CEO of International Paper on Power Lunch. They immediately received what they said was hate mail. After that, the NASDAQ fell from 5200 to 2000 and it ushered in one of the greatest bull markets ever in old economy stocks (2001-2008).’
I thought that was a great insight. The mood at the top is downright hostile towards other investing themes.
I am not sure if we are at an equivalent point. It sure feels like the ‘Just own the damn robots’ mantra has engulfed the collective psyche of the investing public, but hey – we all know what Keynes learned the hard way.
This post was published at Zero Hedge on Nov 8, 2017.
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