Zero Hedge's summary of Paul Singer's Elliott Management letter to investors:
There is a current set of delusions that is powerful and dangerous:
...that monetary debasement can be infinitely pursued without negative consequences; that the financial system is now solid and sound; that the low volatility and high prices of stocks, high-end real estate and bonds are real; that bonds are a safe haven; and that large financial institutions which get into trouble in the future can be unwound in a much safer way than they could be in 2008.
...they will only enter the history books as mass delusions if they are unmasked in the future as unjustifiable and erroneous beliefs at the time they were held.
Zero Hedge concludes: We think that test will be met, perhaps soon.
The poodles think so too...stocking up on dog food and rawhide toys...for that day.
Best regards...and have a wonderful one!
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