The Seeds of the Next Bull Market Have Already Been Planted
The last bull market was a product of many factors – low interest rates, lots of printed fiat money, FOMO (fear of missing out) and TINA (there is no alternative) to stocks. It was also fed by the belief you could make money “trading” stocks on your phone instead of investing and waiting patiently. Finally, it was fed by the theory investors could sprinkle their savings across hundreds or thousands of stocks including “passive investments” like index funds and they all were just going to go up and up. All these theories are being tested now and we’ll see “whose heart is firm, and whose conscience approves their conduct,” or as Warren Buffett says, “When the tide goes out, we’ll see who was swimming naked.”
