by Bill Holter, Miles Franklin:
We showed you chart a yesterday suggesting markets are grossly overvalued, to me it is obvious and self explanatory. To make the point even more stark, take a gander at this chart of the “high yield” index. For those who don’t know, it is proper to replace the words “high yield” with “junk bonds”. These are THE most risky, lowest rated credits there are and have soared as investors have chased yield. Does this look like a bubble to you? Has your broker suggested this arena as a way to “diversify” or to strive for added yield …safely? Do you think the smart money is chasing these blindly?
A list of billionaires and very savvy investors must have already seen these or ones quite similar as over the last year or more they have been “lining up” and getting out. The list is long, Carl Icahn, George Soros, Stanley Druckenmiller, Sam Zell, Ray Dalio, Kyle Bass, and even the quintessential establishment figure Alan Greenspan… and it’s getting longer.
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