"There will be no signs of problems in the market until right at the last moment. Markets are no longer discounting mechanisms and have become more akin to momentum models."
"These are warning signs. If you think popping bubbles are going to be contained to the IPO market or to the pot stocks, no. All of the bubbles are going to pop, including the total bubble in the US stock market overall..."
The market is partying like it is a massive liquidity addition, but isn’t the party getting slightly out of hand even, considering that this is “just” a soft QE-like liquidity addition?
Saudi Aramco has withdrawn from IPO roadshows in the US and London after it's likely they don't want to disclose oil reserve totals to Western banks and regulators.