...from 2003 to 2007 ...the tortoise won the race, not the hare; defensive strategies won, not aggressive capital-growth endeavours unless you were one of the fortunate few to sell at or near the peak.
These are tumultuous and volatile times and investors should resist the temptation of becoming too bearish at the lows and too dogmatically bullish at the highs. Memories of the bull market in 2007 and the debt explosion that took us to the parabolic peak should not be lost on today’s investor.
There is absolutely nothing wrong at taking profits at this juncture — it is no more “fighting the tape” than was the case in the winter and spring of 2007. It’s called being prudent and forward-looking.
---Rosenberg, 4/5
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