FYI: While the markets can become detached from reality from time-to-time, they are still a very humbling place for those who try to take advantage. The consensus can be wildly wrong at the extremes but most of the time it’s actually painful to fight the current. Being a contrarian feels like a superior position to be in from an intellectual perspective but simply being a contrarian about everything isn’t enough. You also have to be right. A little self-doubt can go a long way in the markets. Here’s a piece I wrote from Bloomberg on this topic.
Regards,
Ted
http://awealthofcommonsense.com/2017/07/markets-are-right-more-often-than-you-think/
