A Permabear Strikes Back

From the above, you might conclude that I’m bullish, but this is wrong.

I don’t see the market in the traditional bull/bear terms, and think that the framework does a disservice to investors. The stock market merely fluctuates, and my system is indifferent as to where we are in the fluctuation. It reacts to all price movement, both up and down, and is currently prepared to take advantage of a price decline. We’ve hoped that the likes of Grantham could get it right one of these months, but the months, quarters, and years go by. We make money; permabears don’t.

How many times over the years have you written something like your latest comment to me? Why do you not notice that my system keeps working while the pundits who speak to you are usually wrong? I know you hope to tell me you told me so one of these years, but even then it won’t mean anything because my system will be busy buying whatever coincidental price decline you believe vindicates your lifelong skepticism.

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You can learn more about the way I use leveraged ETFs in The Kelly Letter at jasonkelly.com

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