Ken Fisher Dubs New Normal `Idiotic,' Sees `Great' Decade Ahead

Debating or positioning against the secular trends is extremely unwise. Those willing to recognize the secular trends, such as the continuation of the depressionary box are likely to be characterized as different, possibly 'idiotic'.

U.S. Large Cap Total Return Index (LCSTRI); S&P 500 Total Return Index to Gold Ratio:


El-Erain, interpreting the direction and consequences of the secular trend, knows that currency debasement won't create jobs. He also understands that increased regulation will do little to mitigate the consequences of the debt collapse of the previous expansion. Capital, following risk and reward and similar to great migration from London to New York during the previous transition, will continue to move from New York (West) to Shanghai (East) regardless of consensus interpretation.

Fisher said the concept of a “new normal” is “idiotic,” pitting him against money managers including Mohamed El-Erian, the CEO of Pacific Investment Management Co., which coined the term to describe a world of high unemployment, more regulation, and the shrinking importance of the U.S. in the global economy.

Source: finance.yahoo.com