It needs to be harder. You need people to realize they can lose money for no particular reason.
Today's one of those days where there is no particular reason and yet most stocks are hurting their owners.
Why would I ever want to see people lose money?
Because if you don't you get the kind of moves that we are seeing in some of these new IPOs, or in some of the consumer packaged goods stocks, or, of course, in anything cloud related.
I am a huge believer in the stair step moves of a bull market. We get a rally and then we consolidate. We get another rally and then we consolidate.
I am not a believer in parabolic moves, ones that recall the days of yore in 1999-2000 where there were so many companies that came public without earnings or revenues.
Now, the issue for the bears who share that view, and for me, too, is 1998. We had a bunch of pretty good deals in 1998 that led to a lot of froth in 1999.
Are we in 1998 right now or 1999? - that's the question you have to be asking yourself.
I wish I could tell you which we are in.
Work in progress but wanted to post this note to give you my musings.