Merry Christmas and an Artificicial New Year

In the econonomic world it is difficult to see what is real and what is not.  It is surprising to me that consumers have held up so well the past few months.  In any case 2013 was not the year for defensive investing and the rewards have gone to those who have believed in the Fed.

John Hussman, an economist for whom I have high regard, put out this column a week ago, to me it is worth a read.

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