by Greg Canavan, Daily Reckoning.com:
With the World War D investing conference done and dusted, we pause to reflect on it all. What was our key takeaway from the two-day event?
In short, ‘bear fatigue’. That is, the keynote speakers (Marc Faber, Jim Rickards and Richard Duncan) all made the case that we are heading towards a financial collapse…we just don’t know when. More to the point, multiple forms of can-kicking can potentially delay the inevitable day of reckoning for years to come. Therefore, to use the words of Citigroup boss Chuck Prince in 2007, while the music is playing, you gotta keep dancing.
Having suffered a bit of bear fatigue our self, we sympathise with this viewpoint. And sure, there’s room for a small amount of speculation in any portfolio. But succumbing to this fatigue is akin to throwing discipline out the window and investing just because…well, everyone else seems to be doing it.
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