I just finished my second reading of Barton Biggs' great book, Wealth, War and Wisdom. The book shows how at major turning points in history, the stock market identified those turning points in advance. Below is from Barton Biggs.
Two subjects have long obsessed me. First, stock markets on a short-term basis are random, irrational, and indecipherable, but at major inflection points and in the long-term ebb and flow of events, are they truly intuitive and wise in their judgements, or do stock prices mostly just reflect the foolish consensus of crowds?
Currently, I am very worried about the US and I think the next few months will tell us a lot about the US' standing in the world. I sincerely hope that the stock market will tend to hold together. For the time being, I must admit that I have no peace of mind. My advice to subscribers can be summed up ... Log in or subscribe to continue reading.
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