We don’t have to outrun the bear
Looking at the value of the Euro today, I was reminded of the joke of the two men hiking in the mountains. When they met a bear, one of them instantly crouched down and changed his hiking boots for running shoes. The other exclaimed, "You fool! You can’t outrun a bear!" The first man replied, "I don’t need to outrun the bear. I only need to outrun you."
It seems to me that the US economy doesn’t need to outrun this bear market. We just need to outrun the European and Asian markets long enough to be the last ones standing. That is looking easier every day.
