Why the bubble-spotters need stronger glasses

Bubble-experts are popping up everywhere, stating the obvious. But the bubble that's about to pop is their own investment model; what investors need is a pro-active strategy, not a reactive one.

Last night on Kudlow & Company, perpetual 'Bull' Jerry Bowyer at Benchmark Financial was at the top of his vocal cords again, preaching that he doesn't see the case for a US recession. Unfortunately, Bowyer is one of many visually challenged economists who didn't see a global inflation and credit crisis coming nine months ago either. Many of these 'Fed-centric' economists are professional revisionist historians; use their self perceived edge at your own risk.

Now that nine months have passed and plenty of US stock market strategists, economists, and portfolio managers alike missed that we were in 'bubble' territory again, we have the emergence of self-professed bubble experts popping up everywhere from Congress to Park Avenue. They are on CNBC. They are in the blogosphere. They are all over Wall Street trading desks. They don't need a process. Heck, they don't even need models! When these 'bubble watchers' see a high price - they know it's a bubble. These guys are good!

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