Oh yea Oliver predicted it!
Quote of the day wrote:
"The disconnect between fundamentals, i.e., earnings and earnings growth, and share prices should not be taken as a sign that fundamentals just don't matter; they just don't matter right now. Market participants are betting that low interest rates will be in place for many more years, and that simultaneously growth will reappear, providing fuel for the current rally."
-- Oliver Pursche, 8/15/16
But Oliver said this 13 months ago, and less than a month later he was wrong....
What are we to believe? Are interest rates going up or not?
Opps the bond market is pricing in a 100% move by the Fed later this month!
So he's been right 50% of the time. That's par for the course. You jealous?
U.S. stock futures pointed to little change at the open Thursday, putting the Dow industrials and S&P 500 on track to trade near their record closes from the prior session.
Investors are waiting for fresh information on the European Central Bank's stimulus plans, and they're also due to get a reading on U.S. jobless claims.
Dow Jones Industrial Average futures edged up by 15 points, or 0.1%, to 19,532, while S&P 500 futures inched higher by 1.55 points, or 0.1%, to 2,238.25. Nasdaq-100 futures added 7.25 points, or 0.2%, to 4,849.
On Wednesday, the Dow and S&P 500 closed higher by 1.6% and 1.3%, respectively, as each gauge scored a record close. The Nasdaq Composite climbed 1.1%, finishing 0.1% shy of its all-time closing high, achieved in late November.
Economic news: The ECB is due to announce its rate decision at 7:45 a.m. Eastern Time, and its President Mario Draghi's news conference is slated to start at 8:30 a.m. Eastern.
The central bank is widely expected to extend a key bond-buying program by another six months.
"A cold turkey end to the program could upset the continental economy at a politically volatile time, just ahead of spring elections in France," said Colin Cieszynski, chief market strategist at CMC Markets, in a note.
UPDATE
U.S. stock-index futures point to a continuation of record-setting trend after the European Central Bank held its key rates steady and left the door open for extending its economic stimulus program "if necessary."
The central bank said it would buy EUR60 billion in bonds each month until the end of December 2017, "or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim." The ECB's targets inflation of near 2%.
Ghost of Igloi wrote:
But Oliver said this 13 months ago, and less than a month later he was wrong....
http://www.forbes.com/sites/advisor/2015/11/02/why-the-fed-may-wait-until-2017-to-raise-rates/#23a092961f5aWhat are we to believe? Are interest rates going up or not?
Opps the bond market is pricing in a 100% move by the Fed later this month!
So like everyone else, sometimes he's right and sometimes he's wrong. That doesn't take away from the original quote of his which was 100% correct.
More record highs.
Oh, and CHK? Sooooaaring!
small caps up 22% YTD by some measures
SCHA being that one measure
"We’ll confidently pursue our investment discipline in any event, in the full expectation that far better conditions will emerge to embrace market exposure over the completion of this cycle, as they always have in market cycles across history."
August 22, 2016
Five major stock-index benchmarks finished at records on the same day--something that hasn't happened in more than 18 years, according to Dow Jones data. On Thursday, the Dow Jones Industrial Average closed up 0.3% at 19,614.81. It was the 13th record for the blue-chip gauge. The S&P 500 index gained 0.2% to end at a record 2,246.19 and the Nasdaq Composite Index wrapped up 0.4% higher at a record 5,417.36, marking its first record since Nov. 29 and joining the other two stock gauges which finished at all-time highs Wednesday. Meanwhile, the Dow Jones Transportation Average also extended its climb to new heights, ending at a fresh record of 9,421.08, while the Russell 2000 index , a gauge of small-capitalization stocks, also closed at a record of 1,386.37. It was the first time all five of those benchmarks scored a record close since March 16, 1998. Equities have been a record-setting run on the back of the belief that President-elect Donald Trump will implement pro-business policies and boost the economy.
Love this from the comments: "Yea if you'd listened to this fool you'd have been out of the market 50% lower than current levels."
Splain?
This quote from above pretty well 'splains it.
Quote of the day wrote:
"We’ll confidently pursue our investment discipline in any event, in the full expectation that far better conditions will emerge to embrace market exposure over the completion of this cycle, as they always have in market cycles across history."
August 22, 2016
Good one
Jeremy,
Do you remember this forecast right before the 59% market drop?
https://www.peakprosperity.com/forum/jeremy-siegels-2008-economic-forecast-hilarious/16530
Perhaps you are doing it again?
Igy
What is it about the quote that you disagree with?
Pretty funny huh?
Jeremy,
My read is always buy stocks regardless of valuation, which hasn't worked that well in the 21st Century.
Igy
I admit to being surprised that you disagree with those words. That's not like you.