It's hard to believe how much the financial landscape has changed over the past 2 year ( Merrill, Bear Stearns etc).
At a time when caution is warranted, many are still leveraging up, expecting the party to resume. Over the last seven months equity markets have rallied from 'panic lows' to levels that are clearly not sustainable, with current unemployment and debt levels.
'End Cycle' valuations are here again it seems.
As they say in financial fine print - Caveat Emptor!
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