The thing about asset bubbles is you never know what will cause them to pop or when they will pop. Valuations can tell you there is a bubble, but as a timing signal, valuations are not at all useful. The Biotech bubble has been one of the biggest in the market. So big in fact, that even Fed Chair Janet Yellen identified Biotech stocks as an area of concern over a year ago. The bubble only got bigger following her comments. Along with the fab five (Facebook, Google, Amazon, Netflix, and Apple) biotech stocks had been some of the best performers in the market. That was, until July. … [Read more...]
Archives for October 2015
Retirement: A Magical Find
One of the best things about retirement is being able to do the things you want to do. One of my clients spends his time seeking ancient treasures. Here’s a recent email string from him: Interesting week. We had one search for a family of four who had managed to lose the route and ended up in an adjacent canyon. We used a night plane flight to locate the couple and their daughters (their flashlights) and evacuated them the following morning using a chopper out of Moab. Below is a ruin I stumbled on while on a canyon patrol. It held a magical find - a completely intact ceremonial kiva. … [Read more...]