So here's his latest.
And my answer is the same--As it was 18 months ago!!
Booyahh Baby! You bears can't now and you won't later, even yet, understand market pain!!
But soon you will. After you have been completely routed!!
Where is the pain?
It's football season, and the coach that I've always liked the best was Vince Lombardi. He understood pain. You get hit in football, and you feel pain. It's not the mental pain of work, or the "pain" that the market extracts for a trade gone bad, but bone crushing pain. Vomit pain. Dizzying pain. Queasy pain. Fear pain. Throbbing pain. Headache pain. Numb pain. Scared pain.
But it was pain, nevertheless that had to be conquered.
So you built your body so it could take the hits, and soften the pain. You built your quickness and speed so you could elude the pain. And you studied your opponents weakness, so you could exploit them with your strength.
So where's the pain with the bears?
Are they out on the streets like the old lady that owned Lehman preferreds or Fannie paper? Or WaMu common, or a Wachovia stub, or piece of Bear? Or a shareholder of GM? How much pain did the bears inflict on them? Pain, that they accelerated, like a cheap Jack Tatum hit?
Where is the payback for that?
All I know is that these bears still haven't felt pain. The front page of the WSJ has a few shills telling us the market is now overpriced, because they were bullish in February or March, even though they said to sell at 880 or 940:
Now, the chairman of Boston asset-management firm GMO and his colleagues say the S&P 500 has zoomed right past what they consider fair value of about 880, based on earnings estimates and historical price-to-earnings ratios.
Mr. Grantham sees "seven lean years" of a sluggish market ahead, to atone for what the firm believes was a long era of overpriced stocks, according to his newsletter.Seven lean years? What does he think---he's Joseph? Has he been interpreting the Pharaoh's dreams? So what's with the talk about the coming seven lean years? Does he have a chart that goes back 3500 years?
And wasn't Joseph's first born named Manasseh--because he "hath made me forget all my toil. (Genesis 42:41) There are always two sides to every story, and every anecdote!
You also had businessinsider.com coming up with more charts, "proving" we are still in a long term secular bear market.
Why all this nonsense? Because they're still dealing with the pain that the bear market extracted!
And they haven't built up enough profits to be numbed by the previous bear market losses!
Lombardi said, "Fatigue makes cowards of us all."
And since the bears aren't cowardly, it means they have to be hit with more pain.
Until their heart isn't in the game.
Because Lombardi also said this: "Every time a football player goes to play his trade he's got to play from the ground up — from the soles of his feet right up to his head. Every inch of him has to play. Some guys play with their heads. That's O.K. You've got to be smart to be number one in any business. But more importantly, you've got to play with your heart, with every fiber of your body. If you're lucky enough to find a guy with a lot of head and a lot of heart, he's never going to come off the field second."