One of the dirty little secrets of the stock market rally is that the rising corporate profits that powered it are largely phantom profits. They are artifacts of currency devaluation, not an increase in efficiency or production of goods and services.
Charles Hugh SmithThe notion that better engineering can solve all our problems is rooted in an ignorance of non-linear systems and selective/wishful thinking.
Charles Hugh SmithHumans are wired to feel uncomfortable with uncertainty and contingency, and so we gravitate to a position after a short time even if we have no new information.
Charles Hugh Smith