(From the March 5 issue) -- With the Nasdaq having managed to reclaim the 5000 level for the first time since the heady--and bubbly--days of early 2000, bubble talk is again all the rage. But I'm here to tell you that today's Nasdaq, or stocks generally, are NOTHING of the kind of bubble that the biggest of them all is. And I speak here of the bubble globally in sovereign debt markets.
As I argue, these bubbles may well be virtually unbreakable. But they as a matter of necessity are spawning a return to free market principles on the part of investors looking for a means to get away from the financial repression and lack of true price discovery increasingly a hallmark of "markets" skewed by the Fed, the E.C.B. et al.
It's a pathway I'm hopeful about...but the near-term trouble is--as pointed out today by Mark Cuban--these efforts themselves have blown yet another bubble.