Meanwhile, I've been my own harshest critic — particularly with regard to the unfortunate
timing of my
stress - testing decision
in 2009 — and have been very open about the challenges that QE and yield - seeking speculation have posed for the methods that resulted: deferring
market losses that resulted much more quickly following extremely overextended
market conditions
in prior historical cycles.
Austria's 97 Years
of Loss This article by John Authers
stresses how difficult it is to
time the
market because the mean (to which the argument goes that everything will revert) itself inflates, rendering the data at the
time of the bubble much more confusing that
in hindsight.