BUBBLES

Bubbles always have more than one element. If that weren't true, nearly everyone would see them coming. But that's never going to happen.

Lately, in their quest for yield and a large dose of impatience, investors are chasing the weak, the lame and the higher yielding to satiate their income hunger. Now we're not calling this current market a bubble. Not yet.

But places and pieces go together just as ducks eventually get lined up. And not even the twisted utopian-seeking minds of politicians who try to legislate one of today's buzz terms--outcomes--have a clue.  If anything their twisted thinking contributes to most bubbles. Equal opportunity is one thing, equal outcomes another.

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