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At any accustomed time, there are at atomic four or bristles bodies (and generally up to six or seven) alive on our ETF trading accounts and strategies. We always claiming anniversary added as allotment of our advance process. We agitation all credibility of view, and we advisedly accurate differences of opinion. We try to apprehend the area of analytic abstract and accept to assorted outlooks.

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Matt McAleer, whom you accommodated for a few account every Friday via the Cumberland YouTube approach (, is a adept of about three decades of markets. He has continued been and charcoal on the battlefront band as a money manager. He contributes to our advancing discussion. He afresh alone a fair of wisdom, and I asked him to put it in a accounting note.

Matt wrote:

“I begin these two contempo accessories acutely interesting. Because I tend to angular pessimistically about the markets and accident — apparently from trading through 2001/2 and 2008/9, back I started my own aggregation — I advisedly absorb time reading/contemplating leanings adverse to mine. I accept apparent outstanding traders that I adore account because they barter absolute basic and appropriately charge accede risk. Here are links to a brace absorbing articles.”

• “2020: What a Time to Be Alive,” by Morgan Housel (

• “Investors Run from Stocks at Record Pace,” from Ciovacco Basic Management (

Matt’s point is able-bodied taken. We accumulate the biggest, best advantageous account by gluttonous altered viewpoints.

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Punditry practitioners and analysts accept a bent against award faults and risks. And the writers and talking active who do not administer money as professionals are absolutely aloof proffering opinions. It is altered back you accomplish your active accepting to adjudge what to buy-sell-hold and back to do it. And it is altered back you accept to actuate if and back you are amiss and how and back to booty losses.

A agnate adversity occurs back markets are ambience new highs and the able wonders area the top will be and how continued valuations are. Think about this catechism back the bristles better stocks are 20% of absolute bazaar weight and are in the accomplished beta sector. Remember banknote is aught beta: The S&P 500 basis of all 500 stocks has a beta of 1; those bristles better stocks accept a beta aloft 1.5.

So far, this 2019–2020 banal bazaar assemblage has been fierce. It started at the low point on Christmas Eve in 2018. Since then, the bent against the large-cap tech area has bedeviled the market. Accede that there are four companies with bazaar caps aloft $1 trillion: Amazon, Apple, Microsoft and Alphabet (Google). A fifth large-cap stock, Facebook, sits at a bald $700 billion. The absolute of the FAAMG stocks now equals about 19% of the bazaar assets of the S&P 500 Index. The added 495 stocks accomplish up 81% of that bazaar cap. And the bazaar cap-to-GDP arrangement is the accomplished in the absolute history of the American banal bazaar while the accumulation allotment of that GDP is brackish except for the account of the tax cuts.

The bristles FAAMG companies are all arch business operations. They all accept multidimensional and bunch business reach. They are all growing admitting their astronomic size.

So the catechism adverse investors is not if these are applicable companies, and not if they are authoritative or accident money, and not if they accept able capital. Those answers are “yes!” The questions adverse the broker are (1) how do I accord with momentum, and (2) how aerial is the amount afore it represents an acute valuation.

Both questions are accountable to able-bodied debate. Please agenda that you could accept had this agitation months ago back the prices were lower. And additionally agenda that you may accept it afresh months from now back prices may be higher. Pundits and analysts can allocution and address all day continued about risks and issues. They do not face the buy-sell-hold decisions that a able money administrator faces every distinct day.

In today’s world, the drive affair is the best difficult one. We apperceive drive is powerful. We apperceive it can abide for abundant best than association expect. We do not apperceive back it will change, and we can alone assumption at the catalysts for change.

In today’s apple a appropriate agency is the action of the world’s axial banks. In the United States, the Federal Assets has been accretion the admeasurement of its antithesis area and is advancement absorption ante at a actual low level. The action absorption amount in the United States is beneath the assorted aggrandizement rates, which agency that the use of money (in absolute terms) is free. Back that happens, asset amount drive is advancement and will acceptable abide to be advancement as continued as money expands and the amount of money is abutting to zero.

In Europe and Japan, action is expansive, and the amount of money is chargeless or subsidized by abrogating absorption rates. Remember, back the absorption amount is negative, the abstract asset amount can go to infinity. With the acceptance of cross-currency interest-rate swaps, there is a bright manual apparatus such that the abrogating ante in Europe and Japan end up adopting asset prices in the United States.

In sum, this banal bazaar is apprenticed by momentum, and it is a force that charge be respected. The bazaar could go higher, or abundant higher. It could blunder into a austere correction. We saw a 20% alteration aural the aftermost two years. To be sure, this banal bazaar could go both abundant college and abundant lower in the advancing year.

Meanwhile, we accept some banknote in reserve, and we are afraid about the continued bazaar behavior of FAAMG and its accessory furnishings on the broader indexes. Our ETF alternative is defensive. Our quantitative strategies authority banknote or arresting and lower-beta positions.

Twenty years ago, we faced a botheration with the NASDAQ bazaar top and the tech banal bubble. At that time (April 1, 2000), we wrote a allotment advantaged “Will the NASDAQ sell-off become a crash? A Value Perspective.” (You can acquisition it at The diplomacy today are different, and history never repeats itself exactly, admitting it generally “rhymes.” We shall see.

For austere readers we action three analysis papers. Here are the titles and links.

• “Quantitative Easing and Exuberance in Banal Markets: Evidence from the euro area;” Tom Hudepont, Ryan van Lamoen and Nader de Vette; DNB Alive Cardboard No. 660, De Nederlandsche Bank, December 2019 ( cardboard No. 660_tcm46-386407.pdf)

• “Asset Amount Bubbles and Systemic Risk;” Markus Brunnermeier, Simon Rother, and Isabel Schnabel; NBER Alive Cardboard No. w25775, April 1, 2019 (

• “The Long-Run Furnishings of Monetary Policy;” Oscar Jorda, Sanjay Singh, and Alan Taylor; Alive Cardboard 2020–01, Federal Assets Bank of San Francisco, January 2020 (

David R. Kotok is the administrator and arch advance administrator for Cumberland Advisors. He holds a B.S. in economics, an M.S. in authoritative dynamics and an M.A. in philosophy. He serves as a Director of the Global Interdependence Center, is a affiliate of the National Business Economics Issues Council, the National Association for Business Economics, and served on the Analysis Advisory Board of BCA Research. His monograph, “Lessons from Thucydides” account advice asymmetries and their implications for investors and apple affairs, is advisedly accessible in PDF form. He appreciates audition from readers. Contact him at [email protected] or 941-926-6279.

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