“Step aside,” tells Mark Spitznagel to his investors. He hardly expects anyone to listen. “It is the hardest thing to do right now,” he says, “and makes you look like a fool.” In times like these, in times of severe overvaluation, the ones warning investors are scorned. People who risk their money at the top of a bubble get even more excited by the promise of ea... »

The current stock market boom is a result of a reckless zero interest rate policy. Driven by loose credit, the Dow Jones Index reached new record highs earlier this year. Margin debt — the total amount of credit which is used to buy securities ‘on margin’ at a stock brokerage — also made record highs. It’s not the first time that both — margin debt and stock ... »

A lot of gold investors are disgruntled. The emotional pain involved in seeing ones gold holdings decline in value while stock and bond markets are reaching a phase of full-fledged exuberance proves to be too much for many. At such extremes, however, a reversal will be hefty. As markets become stretched far beyond their fair limits, a reversal will be deeper and take a greater toll on a majority o... »