Episode 279: December 2018 was the worst stock market performance since the Great Depression…January 2019 is turning out to be one of the best.
What’s driving the bipolar personality of this market? Just the same old schizophrenic internal battle between fundamentals and investor sentiment.
In my opinion, 2018 was characterized as a market driven down by irrationally poor investor sentiment, while the actual market conditions have been sound. See this YouTube video for an illustration of S&P 500 fair market value: https://youtu.be/36-148xJNBM
Bottom line, I believe fundamentals are sound and for now, interest rates will remain moderate enough to keep things moving along.
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