Mark Spitznagel: Stock market dramatically overvalued
“Ain’t seen nothing yet. . .”
“Great myths die hard. And I think what we’re witnessing today is the slow death of one of the great myths of human history: this idea that centrally planned command economies work, that they’re even feasible, and that they can be successful.
It’s one of these enigmatic mythologies of the last hundred years in particular that we’ve been grappling with, and here we are today yet again thinking about this. Let’s remember that in the last hundred years a lot of blood has been shed over this mythology. And here we are today, how did we get here again?”
MK note: The voice of reason. Listen to a deep-thinker get to the source of what ails the markets these days. He recommends cash. We would take the whole concept a step further and suggest a near-cash asset which is not simultaneously someone else’s liability. Spitznagel was one of Ron Paul’s economic advisors: “I think that another generation will look back and say ‘how could you have made that mistake all over again? How could you have failed to understand Hayek’s notion of the fatal conceit, that central planners can’t do better than the dispersed knowledge and signals of free market processes?'” Spitznagel reportedly made a cool billion on the August crash. . . . . . . .