If you go back to 2001, the market had two violent short covering rallies then, although I know the market didn't officially get going until March 2003.
Sentiment: NEGATIVE
In the summer of 1990, I was buying stocks and I was probably three or four months early there. But we had a great rally in 1991.
One of the frustrating things for people who miss the first rally in a bull market is that they wait for the big correction, and it never comes. The market just keeps climbing and climbing.
During the 2000 bubble, many companies rushed to go public before they had any revenue.
In 2007, in the early 2007, everybody saw the housing market was falling, and at any given moment a lot of people thought it was going to fall more, and a lot of people thought it was going to rebound. You just didn't know.
When I started in the business in 1999 and 2000, we had companies that were going public in two, three or four years.
Companies are always being bought and sold. The markets are always moving; you have to be on top of your position. And in the U.S., the market is never closed for more than three days. The only time the market was ever closed was 9/11. I think it may have been closed the whole week.
The markets are much more interested in America's long-term trajectory than they are in feeling that there is an acute short-term crisis.
The trouble is that the average trader on Wall Street, he or she is so young, he doesn't even remember the recession of 2001, let alone the previous one.
When we had the 'flash crash' in 2010, where the price of some stocks briefly fell to zero, high-frequency trading played a big role in that event.
I think we're in the beginning of a bull market. When a bull market begins, nine months later the economy turns around.
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