Look folks, Pinocchio’s nose is getting longer by the minute.
The market continues on a tear, even while the economy is heading in the other direction.
I know people have been conditioned to buy on the dips, but I’m not sure that applies while we’re in the middle (or maybe still just in the beginning) of a pandemic that has claimed 286,000 lives in just over 2 months (and that’s with a global shutdown)!
Somehow, there is a notion that when things start to reopen that all the problems will just magically go away, including the $3 trillion we just added to our national debt, all the bankruptcies being declared, and all the job losses that are becoming permanent.
If you believe this, perhaps you’d like to buy the Brooklyn Bridge.
The greater fool theory is alive and well. ;-)
(Credit Graphic: Andy Blumenthal)