“Like a snake eating its own tail, the equity market cannot rely on share buybacks indefinitely to nourish the illusion of growth." Chris Cole, Artemis Capital "Of course big bank stocks are 'overvalued' in terms of earnings or revenues, but do such measures really matter in a world without value? When you have global central banks gunning all asset prices in a desperate effort to avoid a sovereign debt default starting in Japan and then Europe, pedestrian metrics like price/earnings ratios and net-present value have little relevance... The growing pile of public debt in the US is why price stability will never be part of the mix— unless and until the Treasury is forced to live within its means. This is also why dollar-alternatives like bitcoin, imperfect and even fraudulent as they may be, will continue to capture the attention of those seeking to escape the economic tyranny of fiat paper money." Chris Whalen, Institutional Risk Analyst
