$FAS $FAZ There is no doubt we are in one massive bubble, that said I am not in the cash or positioned defensively at this time but I do expect that to change.

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Naturally, it would be poetic justice if the payback for the world's biggest (and really only) globally coordinated episode of QE which injected some $15 trillion in QE in capital markets, was a just as rapid, and accelerating episode of rising interest rates, starting with the US, in the process crushing US stock first and then spreading like a tsunami around the globe.

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