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Am I Too Bullish?

Posted By Barry Ritholtz On December 16, 2013 @ 7:34 am In Apprenticed Investor,Cognitive Foibles,Investing,Sentiment | Comments Disabled

Over the past few weeks, I have been trying to push back against the usual contingent of bears. In particular, I have argued that this bull cycle is not yet over [1], markets are not in bubble [2] and that people have been sitting for too long in way too much cash [3].

John Coumarianos of the Institutional Imperative [4] is a prudent value guy. He wonders aloud in a recent blog post if I am too bullish? [5]. He raises a number of interesting points via (mostly) valid criticisms.

I am not a rampaging bull, but if I come across that way to a reasonable guy such as John, then I am probably miscommunicating my thoughts. I am going to use his critique as a jumping off point to clarify some ideas and positions. I know that nuance and subtly are not necessarily my strong suits — nor the Internet’s, for that matter — but I will avoid all hyperbole in this discussion, click-throughs be damned.


Continued here [6]

Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2013/12/am-i-too-bullish/

URLs in this post:

[1] bull cycle is not yet over: http://www.bloomberg.com/news/2013-12-09/breadth-shows-bull-market-isn-t-over-yet-ritholtz-chart.html

[2] not in bubble: http://www.bloomberg.com/news/2013-12-06/how-do-you-define-a-bubble-and-are-we-in-one-now-.html

[3] too much cash: http://www.bloomberg.com/news/2013-12-10/why-is-everybody-sitting-on-huge-piles-of-cash-.html

[4] Institutional Imperative: http://www.institutionalimperative.com/

[5] I am too bullish?: http://www.institutionalimperative.com/2013/12/15/barry-is-too-bullish/

[6] Continued here: http://www.bloomberg.com/news/2013-12-16/am-i-too-bullish-.html

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