When Sam speaks, you’d better listen.  “Kernel of truth” equals ambiguity of value in our book.

BTW, you heard it here first in last night’s post.   Caveat emptor,  Comrades. 

…market observers are increasingly uneasy about stretched valuations. Equity prices have surged on the back of lower risk premiums and abundant liquidity, but profit growth has not always kept pace. This creates a situation analogous to driving a vehicle with a low fuel tank: while the road ahead may appear clear, no one knows exactly when and where the car will run out of gas or err…charge.  – GMM

Nothing is more fun than “picking up nickels in front of a steamroller,” right?.