I believe that the market is slowly waking up to the fact that the Federal Reserve is a clueless organisation. They have no idea what they're doing. And so the confidence level of investors is diminishing, in my view.
I think there are some groups of stocks that are highly vulnerable because they're in cuckoo land in terms of valuations. They have no earnings. They're valued at price-to-sales. And this is not a good metric in the long run.
This year, for sure - maybe from a higher diving board - the S&P will drop 20 per cent. I think, rather, 30 per cent. Who knows? But all I'm saying is that it's not a very good time, right now, to buy stocks.
