Tuesday, June 12, 2012
Bill Fleckenstein - Stock market is a farce, Endgame is here!
After the initial euphoria following the Spanish bailout, European and US stock markets have surrendered early gains. Today King World News interviewed Bill Fleckenstein, President of Fleckenstein Capital, to get his take on where we’re headed. When KWN last spoke with Fleckenstein, he predicted that stocks would tank, and the Dow tumbled over 900 points in less than 30 days. When asked about that call and what investors should expect going forward, Fleckenstein responded, “I happened to catch that moment in time correctly. The stock market is kind of a farce, which is not to say that stocks are uniformly expensive because lots of them aren’t. On the other hand, any bid over one cent for any financial institution presupposes that you know something about what’s in the entity, and in almost all cases you can’t.”