Dougie likens the “stupefying” market action of late, and its utter divorce from economic fundamentals, to the popularity of the Kardashians show on the E! Channel. There’s no rhyme of reason for the popularity of the show, he says, because it’s simply uninteresting. Doug fails to consider that people just like to look at pretty girls sometimes and to get a taste of vicarious glamour – especially when there’s nothing much happening in their own lives worth clinking a champagne glass over.
As to the public’s attraction to the stock market, that one’s even more easily explainable: It does nothing but f***ing go up.
For now 😉
I will guarantee to all of you that when historians look back at this investing period (and Keeping Up With the Kardashians) — the bad-news-is-good-news thesis, the unparalleled role and confidence in the Federal Reserve, the buy high mentality of corporate share buybacks, the multitude of developing malinvestments, etc. — they will admit to how stupid investors were to have bought in.
Perhaps. But what if “this investing period” goes on for much longer than expected?