Premium"Everything's Fine": Goldman's Pasquariello Says Breadth Isn't So Bad... Then Brings Up The Dot-Com Bubble Twice
On Saturday, Goldman's Tony Pasquariello passed on an investor's verdict that the stock market is "basically just one big trade" (Oct 10) and didn't argue with it. By Monday afternoon he had changed his mind.
"Are we so sure that breadth is so bad?" he asks in his latest "markets / macro :: five short points" email (available to pro subs), before arguing that "returns within the market are better than many seem to be giving credit for." It's a spirited defense. It also cites the dot-com bubble twice, which is two more times than a note arguing that everything is fine usually needs to.