Nobody knows. And they don’t know they don’t know…

Posted on Jul 07, 2012 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=W&yr=4&mn=0&dy=0&id=p23023999522&a=252013707

We have always thought the most brilliant thing that was said about anything during the Bush administration (pace diablos) was Rumsfield's classic statement that there are knowns and unknowns and of, you know unknowns you don't know you don't know and things you know you don't know and..where were we?  Oh, yes we were applying that bit of wisdom to the market pundits who don't know, but who think they know.  They  don't.  As they used to say on that old radio program:  Only the Shadow knows.

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