Investors Should Invest On What They Know.

As We Spend More, And As Companies Are Pushed To Invest, They Say, "hey Wait A Minute! There's More Demand In The System. Let's Invest More."

The Theory Is That If You Take Interest Rates Negative, People Are Going To Say, "that's A Silly Game! I'm Not Going To Lend My Money To Governments Who Want Me To Pay Them. I Am Going To Go Into The Stock Market Where I Can Get Positive Returns!"

Investors Should Invest On What They Know. The Biggest Mistake Is To Invest On What They Don't Know.

The World Changes! So We're In A Situation Today Where The Only Policymakers That Have Flexibility Are Central Banks. But They Don't Have The Instruments! So They've Had To Experiment, And The More You Experiment, The More Uncertainty And The Higher The Risk Of Collateral Damage.

Once You Start Moving [market] Lower, Then You Trigger Of All Sorts Of Things. You Trigger People Who Have To Sell Because They're Over-levered. So They Sell Their Winners And Their Losers. They're Just Trying To Raise Cash. So, What You Then Get Is Spreading Malaise Throughout The Global Markets.