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Richard's Remarks


These are not natural or normal markets, they are markets that have been manipulated by the Federal Reserve. Thus, if or when you are buying stocks here, you are buying on the thesis that the Fed will continue with its quantitative easing. I believe that if Janet Yellen is chosen by Obama, she will continue with Bernanke's QE, but we can't be absolutely sure. If there's a slip (for instance, Donald Kohn could be picked) or if Yellen decides to taper, then large losses could appear in stocks and probably bonds.


In other words, what are the consequences if you buy or own stocks here, and you are wrong? In my experience, that's always the critical question. In the present situation, I don't want to take on this risk. To make real money in this market after taxes, you have to take a big position in the DIAs. If you take a ... Log in or subscribe to continue reading.

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