tag:blogger.com,1999:blog-2335748440449035592.post2910026614853519639..comments2008-02-19T09:07:00.330-05:00TraderMarkhttp://www.blogger.com/profile/06241756200482130281noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2335748440449035592.post-65168213442169798182008-02-19T09:07:00.000-05:002008-02-19T09:07:00.000-05:00Always a bull market somewhere? I think he is saying these are relative bets as he is completely hedged... notice he uses the words "this is expensive but less so than anything else". I don't really feel that about some of the ag stocks for example but feel that for emerging markets - they are expensive but at least they have growth to explain it. Meanwhile it is nearly impossible to value most stocks levered to US economy if it truly is a consumer led recession. We havent had one of those since early 80s so 90% of people trading were not around then; earnings destruction could be quite severe in quite a few industries so what appears cheap wont be so much. For example if retail has flat growth for 2-3 year period how do you value that?TraderMarkhttp://www.blogger.com/profile/06241756200482130281noreply@blogger.comtag:blogger.com,1999:blog-2335748440449035592.post-22757762902395020472008-02-18T19:17:00.000-05:002008-02-18T19:17:00.000-05:00Thanks for the article. It was refreshing to get his investment strategy at the end versus so many of the commentaries you read which conclude "you - the investor, are screwed" but do not offer constructive advice on where to invest.<BR/><BR/>-BDBluedoghttp://www.blogger.com/profile/13620622716492473197noreply@blogger.com