We continue to believe that there is considerably more downside risk than upside risk to the equity market,
We have commented that there is a thin line between a liquidity-driven market that anticipates improving fundamentals and a bubble. The equity market may have stepped over that line.
People used to build wealth through building equity in their homes. Today, people prefer to speculate on the price of their house by using historically high levels of leverage.
If you're in the equity market, you want to focus on the largest cap, highest quality companies,