What, another Cullen Roche post? Well, when the guy is on, he's on.
The Global Government Put is a short and telling comment on investing in the modern era. "The global government put has come to dominate every twist and turn in the markets. There is no buy and hold. There is no value investing. There is only one big roller coaster of volatility based on the decisions of clueless politicians..."
The good news (to me anyway) is the knowledge that while history doesn't repeat, it does often rhyme. The 70s were a particularly ugly time for investing for a lot of the same reasons we see today. And yet ... yet ... there was a brighter future that began even before Ronald Reagan's inauguration. The wave of deregulation and sound money actually began at the end of the Carter administration.
I doubt seriously that Obama will undertake a turn to rationality like Carter did but it's very likely that the next post-Obama administration will.
I am ever the optimist.
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