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I've spent the past 13 months arguing with people that the ecomonic outlook was not as bad as it was being depicted by the media and how, in any event, the market is efficient and the bad news was therefore being priced in. Obviously I was wrong.
I therefore owe apologies to Messrs Schiff, Roubini, Schiller, Battataglia, and Cramer, most of the analysts on Fox Business and CNBC, the 21 year-old guy in the IT department, my brother in law, and the guy at my kids' school mixer that said we're about to sink into a depression that will make us wish it was 1932. I feel stupid.
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