This past weekend I gave the keynote address at the 2015 World Economic Conference in Vancouver, B.C. The overall conference was primarily focused on "where" to invest in the coming year with a wide variety of topics covering everything from small caps to gold.
After seeing the lineup of speakers and topics, I did a last minute presentation change to focus on two primary areas:
1) The leading cause of investor underperformance over time, and;
2) Signs that investing "bulls" should be paying attention to currently.
As I stated in the address, over the last few years, I have pointed out the "risks" that prevail in the markets. For that, I have been labled a "bear." However, just because I point out the risks that could devastate investor capital in the "blink of an eye," it doesn't mean that I have NOT been invested in the markets. As Gerard Minack recentatly stated, I can qualify as a "fully invested bear."
However, I am becoming extremely concerned about the risks in portfolios due to the deterioration in the markets momentum and technical structures as of late. If this market is going to continue its "bullish advance" in the months ahead, there will have to a reversal of the "decay" that currently exists, and soon. One thing is for certain, when the market begins the next major reversion, I have no intention of being around to participate in that decline.
I hope you enjoy the slide deck.
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