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Trumpophobia To Trumpophoria

FYI: Two decades ago Alan Greenspan gave his famous “irrational exuberance” speech. The link to its text is below. Note his historical references.

We think Greenspan warned early but accurately. Trumpophobia has morphed to Trumpophoria. But investment decision making is not a reality TV show that always comes on at 8 PM on Tuesday. In the investing world timing is always uncertain.

Reality TV is different than reality investing. We have a cash reserve in place in our US ETF portfolios.
Regards,
Ted
http://ritholtz.com/2016/12/trumpophobia-to-trumpophoria/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+TheBigPicture+(The+Big+Picture)
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