I have not been a participant in this years remarkable market run-up. In part this is because of what is happening in my life outside of investing. But in part it is because something about this market just seems wrong.
And what seems wrong is that it is becoming increasingly apparent that this market is seemingly far more reliant on free money handouts than on economic fundamentals. We appear to have gone from casino capitalism to welfare capitalism. So for the third time in three years as hopes for further printing runs are dashed the markets retreat. And I wonder if this signals not only a gut-wrenching correction like last summer and fall, but either a prolonged period of market stagnation or decline stabilized only by periodic infusions of free money.
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