For parents teaching their children to garden, it is hard to compete with the apps on their tablets and phones, such as “Farmville” and “Grow A Garden,” that grow plants and communities seemingly overnight.
My concern is that the Fed will begin to gain comfort in the functioning of short-term interest rates, then decide to reduce the balance sheet just before a shock coincides with less liquidity and super-high stock valuations.
The market is going to move slower or faster toward fair value for a whole host of reasons, and to think it’ll get there on some exact day is just dumb.
