In a brief four minutes this morning, CNBC's Gary Kaminsky summarized what many have suspected (and we have pointed to again and again) that investors should as the talking-heads are doing and NOT as they are saying (or writing). We have opined vociferously on this topic of the divergence between sentiment surveys and real money positioning, but the outspoken 'real money manager' is gravely concerned that what he is seeing now from the guests and newsletter writers is very similar to what took place in 2007: "Everyone saying they would stay fully invested, that they loved equities, that the housing boom was nothing to worry about (recovery now); while at the same time they were short-selling the market. People are saying one thing and doing another." Kaminsky nails it when he points to the obvious that everybody knows that the last four years have not been about the White House or 'recovery', but about Central Banks; and the last few weeks (post QE-Eternity) the realization of this fact has really sunk in along with a belief that the next four years are not positive for stocks. Not quite a Jeff Macke meltdown of truthiness but the veil has been lifted.
Must Watch