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Take away all the references to the past and you can still see we are in a great deal of change which is reflected through the volatility of the markets.
What volatility? If anything, volality index has been taming since late last year on the backdrop of a rising stock market.
We have alot of unanswered questions which is being expressed through gold, currencies, debt, consumers, commercial real estate, deflation, inflation, derivatives, demographics and so on, so if you shoot in the dark at all that is out there today it isn't hard to hit something.
As I've said before, the market is 10 steps ahead of you. By the time you receive all your answers and everything is fine and dandy, you'd have missed the boat. The lesson is unfolding as we speak.
All this doesn't mean we can't continue to have a bull market cycle with all this paper being thrown around but it will have nothing to do with fundamentals. If the US dollar gets strong enough it will derail the new flight to risk and sink everything again, if not there is enough problems out there to sink things. Buffett however is thinking that even if that happens he can wait it out as his asset has value and like I said where are you going to find the land and the approvals to run a railroad against his.
I got nothing against railway co's. I have a chunk of BNI before the announcement, but I'm a believer that much of the toxin has been purged away during the last bear market. I feel S&P 500 is generally dominated by higher quality stocks like BNI.
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The only unknown is when.