05Jul2012 - The Smartest Man is a Firedancer!

Quote from the following Blackstone Capital Commentary by Byron Wien.

"For years I’ve been telling you that the accumulation of debt was going to be the ending of the developed world and for years you have been telling me my views are too extreme.  The problem is you are an optimist and I am a realist.  You go around with a smile on your face thinking that there are serious problems facing us, but that everything will turn out favorably because the policy makers will do what they have to do to avoid disaster, and so far you have been right.  The developed economies and their stock markets have plodded along and investors haven’t made or lost much money in spite of the challenges.  At a certain point, however, the temporary measures that the policy makers put in place to avoid financial catastrophe prove insufficient and that’s where we are now."

Link  to the Byron Wien's full article.

http://www.blackstone.com/news-views/market-commentary/blog-detail/byron%27s-market-commentary/2012/07/02/the-smartest-man-is-a-firedancer