Ponzi scheme indeed!
We note with interest Bill Gross recent missive whereby he referred to the stock market as a "Ponzi scheme." His key point being how can one expect to see a continued 6%+ growth in stocks when the underlying economy is poised for slow growth in the years ahead. We agree. As this view closely aligns with our broader global macro view that says the debt overhang will hobble growth in the key developed world economies for years to come.
Market Vitals | 01 August [http://blackswantrading.squarespace.com/storage/market-vitals/080112mv_ponzi.pdf] 2012 [http://blackswantrading.squarespace.com/storage/market-vitals/080112mv_ponzi.pdf] ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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