Right now things should look pretty bleak.  Heck, "Jerry is a great contra indicator" you might be thinking to yourself.  "He gets too deep into the industry."  "He's good for the macros, but can't pick a stock to save his life." 

And in this type of market you would be absolutely correct. 

I can only tell you that while the valuations are not as excessive as what we saw in 1999/2000, the "feel" is very similar. 

Here is what tends to occur toward the top.  Small cap value moves out of favor, and large cap growth and technology moves into favor.  Investor's usual reluctance (aversion) to risk seems to disappear (because t ...

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