Read not to contradict and confute, nor to believe and take for granted, nor to find talk and disclosure, but to weigh and consider. -Francis Bacon
Francis Bacon was known for many things including being the father of empiricism. Empiricism is the philosophy of science that emphasizes evidence, especially discovered in experiments. It is a fundamental part of scientific method that all hypotheses and theories must be tested against observations of the natural world rather than resting solely on a priori reasoning, intuition or revelation.
I bring up Bacon and the notion of contradictions and empiricism because this market has entered into a very confusing zone that challenges sensibilities and reasoning. While I've been bullish and continue to see opportunities, there are obstacles including grappling with the fact the market has covered a lot of ground in a short period of time. Sure, I get that price to earnings ratios are still cheap in historic context, yet I'm not convinced 2% GDP growth creates a wave big enough to lift all boats. Moreover, because of all the hype over all the great economic news, we are now set up with higher expectations. I like it when investors are hesitant instead of taking main stream media bait.
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