Picked up in a BofAML’s note. The figures in the following quote should have investors reflect on Buffett’s mantra: « Be fearful when others are greedy. Be greedy when others are fearful. »
« The Fed’s bull market: March 9th 2009…VIX 50, HY spread 1873, SPX 676, BKX 20; March 8th 2017…VIX 11, HY spread 373bps, SPX 2363, BKX 97; the bull market catalyst…extraordinary, unprecedented central bank policies. »
Facts make Buffett’s mantra right to the point.