Sorry, I’m Still Bearish – Unless This Happens

Sorry, I’m Still Bearish – Unless This Happens

Speculative frenzy has seemingly gripped markets again. The S&P 500 is back at all-time highs. Tesla TSLA , now a trillion-dollar company, is swinging more wildly than 9-year-old me trying to get onto first base in T-ball. Earnings growth is stabilizing the price-to-earnings ratio of the market, but measured by sales, it's still the most expensive stock market in history. I'm getting email pitches from PR people asking if I need an expert on the Dogecoin vs Shibacoin wars. Newsflash: no such person exists. If I need a fundamental analyst on the matter, I'll ask my cat Donald. OK, he says dogs suck. Short both. What is going on? Is it 2020 again? Bitcoin's big breakout last year was an early tell that investors were about to get exactly what they wanted: a massive amount of stimulus. Stocks caught up to crypto just as they're doing now, and nerves around the presidential election quickly gave way to euphoria over the massive money-drop that arrived with a second batch of stimmy checks. Every asset under the sun mooned. I don't know what the expectation is this time. Earnings are doing great, but big tech growth rates have peaked and the most