"Our Children and Grandchildren are not merely statistics towards which we can be indifferent" JFK

Wednesday, June 30, 2010

Bill Fleckenstein: The Financials' Earnings "Are Pure Nonsense"

Bill Fleckenstein (one of grandpa's favorites) shoots straight about the equity market

.I don't know how much of those S&P earnings are due to financials: all the financial earnings are pure nonsense, they are making it all up, we don't know where assets are priced necessarily and they are bailed out on the back of the Fed putting rates at zero. So I don't believe the earnings and I don't know what the multiple's going to be. It could easily trade at ten times."

Bill Fleckenstein...grandchild friendly

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