Gavekal On Jim Cramer And The Immaculate Correction

Since the beginning of the year equity bulls have had to concede that a tactical correction might be necessary after 2013’s incredible bull run, and after a difficult month some are arguing that the market is already working out valuation problems without a precipitous drop.

“Earlier this month, [Jim Cramer] assured his viewers that there was no reason to be concerned about a bursting bubble in tech and other go-go/mo-mo issues… because IT HAS ALREADY POPPED!” writes Gavekal/ Evergreen Capital Management chief investment officer David Hay.

Hay is clearly teasing Jim Cramer in his article, but he’s also genuinely frustrated with Wall Street analysts who share the same sanguine attitude toward the market. He points to record inflows to US...