Chasing returns is not the same thing as investing. People who chase returns ignore risk...until they can't.
That is what is happening today in the market. Industrials, financials and commodities are down, but the high PE retail stocks like LULU, GMCR, etc. are rallying on the theory that consumers will spend all that $ they are not spending on gas on athletic gear and coffee machines!
This is totally irrational, and will have an ugly end.
Wall Street is desperate to find a place to put all that money we gave them, and they are making terrible investment decisions as a result.
This can only end badly...
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