tag:blogger.com,1999:blog-5785935717428454542.post1384282053097327318..comments2023-09-15T10:48:11.850+02:00Comments on The old version of Steen Jakobsen blog: A complex system that works is invariably found to have evolved from a simple system that works.Unknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5785935717428454542.post-39231010715788016722008-10-15T09:28:00.000+02:002008-10-15T09:28:00.000+02:00Must be misunderstanding - I turned "bullish" as y...Must be misunderstanding - I turned "bullish" as you call it when SnP went below 900 because it became cheap and oversold.<BR/><BR/>As I have stated again and again.. btw 1000-1200 it path-dependent on the economy, where my take is recession is fully priced, depression not.. hence either 1200 ish then sideways for year..like in the 1970s.. or direct to cheapness at 765 ish..<BR/><BR/>I am open neutral, but buying Danske Bank at .70 of book etc.. makes sense whatever cycle you are in.. Read my friend Yoshi piece on how indexes are wrong...<BR/><BR/>Thkx for comment <BR/><BR/>steenSteen Jakobsenhttps://www.blogger.com/profile/06384863764298294081noreply@blogger.comtag:blogger.com,1999:blog-5785935717428454542.post-32829135701677235842008-10-15T09:23:00.000+02:002008-10-15T09:23:00.000+02:00I question how you could become bullish over a wee...I question how you could become bullish over a weekend, though the same problems does not seem to be solved. As you mention, there is still 4.5 mio. unsold homes, the the loan market between banks seems still to be frozen and large funds are still on the verge of close down (which implies huge sell-offs as we have seen the last couple of weeks). <BR/> I reckon that the European action just pushed the the crisis to Q3-Q4 09.. we might be lucky that the meltdown warms up.. but that will only happen when the real problems are addressed.Anonymousnoreply@blogger.com