According to Bloomberg the Wall of Worry Rebuilt as Nasdaq Rout Sends Cash to High.
“Walls of worry are everywhere,” Robert Doll, who helps oversee $118 billion as chief equity strategist at Nuveen Asset Management in Chicago, told Tom Keene and Michael McKee on Bloomberg Radio’s “Surveillance” on May 14. “This is the least believed bull market that I’ve ever seen. From here it’s earnings, it’s fundamentals, it’s can the economy grow? And my guess is the answer to that question is yes.”
WTF? What kind of drugs is this guy on?
What we have witnessed since the 2009 mid cycle bottom (mid cycle of 2000-2017 bear market) was one of the strongest 5-Year Bull Market runs in the history of the market. And this guys has the balls to claim that “walls of worry are everywhere” and “this is the least believed bull market…ever”.
Anyhow, you can listen to this nonsense BS or you can look at the actual data. What does the actual tell us? The VIX is scrapping the bottom of it’s trading range, the yield curve is compressing, no spreads, yields are collapsing and the bullish investor sentiment is close to an all time high. Clearly pointing to a massive amount of risk within our financial system and the animal spirits within our financial markets.
I am afraid that Mr. Doll has mistaken the “Wall Of Worry” for an off ramp right before the cliff. Don’t be as stupid as him.
