in the first and second quarter bought them pretty cheap---on a historical basis. Too many of us have usually had to buy them in bull markets when they were typically over-valued.
I am a believer that interest rates were held too low too long by the Fed--including at present. The low rates created the bubbles in houses and stocks---then when they crashed, what's their fix? Lower rates. Duh? If 5-year CDs were earning 5% or 6%---like they should be--equity prices would not be as high as they are. Is it right for government to print and borrow inflated money to prop up the stock market when professional traders control the whole thing via flash trading and other tactics played against you?
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Muser of NM 8:35PM August 12, 2009