Charles Biderman, head of TrimTabs, the fund flow monitoring service, was just interviewed on CNBC. He was very bearish citing a surge in inflows into equity mutual funds as well as the impact on the economy of 2013 dividends being drawn forward into 2012 to beat the Obama tax hikes.
I got a little nervous listening to him until I Googled him. In August of last year he turned very bearish, about 8% below present levels in the broad averages. He was right in short-term but got hosed in the medium-term, like so many.
I’m in the “it’s different this time” camp, an inherently uncomfortable place to hangout. Time will tell who’s right.
