If the price of commodities drops due to a change in the fundamentals relating to China, then the speculative element of the market is running in the air without any support.

The corporate sector -- the guys who are supposedly in the know -- they're all selling.

They're terrified of missing out on the upside. The cult of equities is alive and well.

Sarbanes-Oxley is going to lead in general to higher-quality earnings, ... It's going to be harder to create Mickey Mouse numbers.

Sarbanes-Oxley is going to lead in general to higher-quality earnings. It's going to be harder to create Mickey Mouse numbers.

I can't see them dashing back into equities. People have to be feeling raw about the whole state of the economy. Are they really going to commit to stocks when they're not even sure about their jobs?

The reality is they're not paying out enough anyway. There are all these companies that are sitting on top of cash hoards. The next big battle for corporate governance is for companies to start paying dividends again.

Venezuela has historically a pattern of stabilization plans that then fail,

I spent nearly 23 years working at investment banks surrounded by analysts, and I have to say I think analysts probably were put on this planet to make astrologers look like they know what they’re doing.