08-30-2020, 12:51 PM
** 29-Aug-2020 World View: The Dance
Higgy, I'm sure you're already aware of what I'm about to say, but
it's worth saying anyway. I listen to all these guys on CNBC and
other channels, and it's obvious that they're all completely full of
crap. I don't care if it's Yardeni, Dwyer, or any of the others. They
don't have the vaguest clue what's going on, and they'll say whatever
they have to say to get on TV.
Actually, there is one "expert" whose quote was accurate. This was in
2007, and Citigroup’s chief executive, Charles O. Prince, said he's
still going full steam ahead with credit and leveraged deals, because
"As long as the music is playing, you’ve got to get up and
dance. We’re still dancing."
That was true then, and it's true today, even though the dance is
really "The Dance of the Musical Chairs."
Higgenbotham Wrote:> It's interesting that most Wall Street analysts have S&P price
> targets below the current level of the market. Just read that last
> week Citi raised their year end S&P price target from 2900 to
> 3300. Ed Yardeni is usually pretty bullish and his year end target
> was 3500 last I saw. Another person who's usually pretty bullish
> is Tony Dwyer and he's simply maintaining a target of 3300+ last I
> saw. That doesn't imply his target is close to 3300; he's just
> saying that in this environment it is too difficult to accurately
> set an upper target, if I understand correctly.
Higgy, I'm sure you're already aware of what I'm about to say, but
it's worth saying anyway. I listen to all these guys on CNBC and
other channels, and it's obvious that they're all completely full of
crap. I don't care if it's Yardeni, Dwyer, or any of the others. They
don't have the vaguest clue what's going on, and they'll say whatever
they have to say to get on TV.
Actually, there is one "expert" whose quote was accurate. This was in
2007, and Citigroup’s chief executive, Charles O. Prince, said he's
still going full steam ahead with credit and leveraged deals, because
"As long as the music is playing, you’ve got to get up and
dance. We’re still dancing."
That was true then, and it's true today, even though the dance is
really "The Dance of the Musical Chairs."
