Now Is The Time For Prudence, Not Greed

It’s becoming increasingly clear that the smart money is concerned about the level of bullishness in the US, including, Paul Singer, David Einhorn and Seth Klarman among others. That’s not to say that fund managers are calling the market a bubble, but more and more think that assets are overpriced and that fundamentals are being ignored. In a recent letter to investors, David Capital Partners LLC managing partner Adam J. Patinkin took a break from his normal explanation of new investments to explain at length why he thinks that...