Maybe it???s my contrarian nature, or maybe it???s my suspicious nature, but whatever the reason, when it comes to a widespread consensus in the markets, I tend to get very nervous.
Indeed, I???ve been struck by how much conviction there seems to be out there in the general consensus among many on Wall Street. These days, it seems there???s a huge contingent of advisers who think stocks will continue going higher and higher in 2014.
There???s also a cadre of bond haters who think that yields will continue rising and that, therefore, bonds will continue to be dead money. And then there???s gold. Not surprisingly, the consensus here is that gold is for losers and that you have to run for the exits while you still can.
Read more about the troubling consensus on Wall Street at Eagle Daily Investor.