- Sentiment and the market are a bit stretched . The best outcome would be if we got a pullback to alleviate this condition. I believe it would be buyable.
- If the best thing the market could do is correct a bit, does that mean the market will continue to frustrate and grind higher?
- Investors Intelligence bulls are getting high at 51%. But bears are also high at 30%.
- Large cap pharma is starting to look a bit expensive. Did everybody forget about the patent cliff?
- European stocks should outperform US stocks in the long run. That valuation divide is huge.
Morning Thoughts
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I have more Euro stocks than US (I only buy indexes) because of valuations, though I worry about the pension liabilities. Hard to get good inflation about this issue. In particular, I don't whether these liabilities are mostly inflation-indexed or not. I expect to see inflation about 5 years from now (especially in the UK, which has outdone even the US in money-printing), and that would clean up nominal liabilities nicely. Otherwise, there could be big trouble.
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