I lack the vision needed to short this market....
Are you wondering how all of those truly creative investing geniuses can pierce through the investing fog and see Dow 5000 and lower? Actually 5000 doesn't seem like an impossibility to me but I just can't sell stocks that are offering me earnings yields of 10% and higher over the next several years. I don't know what else can beat that long term.
Below is a reply I posted to another blog post. It captures much of what I am thinking at the moment:
Dow 5000 or Dow 8000? Why worry about that?!! The price is right, the price is right! Take advantage of this opportunity and accumulate some bargain priced shares in quality companies whose futures are bright. Just because all these folks with 95 and up ratings are preaching doom and gloom doesn't mean you have to buy in to it. Some of these folks are short sellers who NEED you to panic and dump your stocks. Do yourself a favor and disappoint them. Some of them may be the real deal but others are just the flavor of the day and a year or two from now will not have kept their all star status. If you ever wanted to hear what Ben Graham's Mr. Market sounded like, look no further than the Motley Fool CAPS blogs. Many people made a small fortune buying tech in the late 90's but they didn't have a framework upon which they could build a truly successful investing career. The time to be excited about shorting stocks was a year ago but few were preaching that kind of wisdom back then. Now everyone acts like they knew it all along. All of this doom and gloom is just another form of group think.
No doubt, we all must put up with a lot of investing noise which makes our decisions more difficult. Add this post to all of that noise. Even the best of the best investors disagree in some major ways. In this pursuit you truly must learn to put all the pieces of the puzzle together and think for yourself because noone has your best interests at heart like you do.