This excerpt comes from Doug Kass, one of the smartest (and successful) money managers of all time...
"The U.S. stock market has rarely experienced such manic and frenzied action as it has over the past two weeks.
We are in a bull market in behavioral economics, and we are in a bear market for regression-based economic forecasting (that relies on historical patterns repeating themselves).
As I've consistently opined, it's different this time (meaning I've never seen this type of market action before).
More than any time that I can remember, today's investment decision making must be entwined with social observations and analysis of investor psychology and the behavior (or, at times, madness) of crowds. As such, market forecasts must be conjoined with the recognition that possible economic and market outcomes are more numerous and clearly not well-defined."
Wow (and he's been managing money for over 40 years)....
