Ultimately investors themselves are to blame, of course. Normally the last cycle's winners don't win in the next cycle, ... But people want to play them because they look cheap compared to the previous boom.
More Quotes from David Shulman:
The era of the increase in consumer expenditures exceeding income growth is about to end.David Shulman
We got a green light last month when the Fed decided not to raise rates, then we got another green light when the bond market rallied last Friday, ... The balloon is still blowing up. I'm staying defensive. I still say the bubble is going to break. I just don't know when.
David Shulman
Make no mistake. This is a soft landing. Typically, peak-to-trough declines amount to 50 percent.
David Shulman
The earnings warnings show that profits are under pressure, but it's not affecting the overall market because of the big move in interest rates. The key for stocks is still the bond market.
David Shulman
We got a green light from the Fed last week and we got a green light from the bond market in Thursday. My sense is that over the next three to six weeks the market is going higher. But I would be thinking more in terms of selling rather than buying here.
David Shulman
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