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Retired central banker, blogger, bond guru and hedge fund consultant Ben Bernanke just uttered the following total rubbish…
In an effort to save whoever it is that will pay him $250,000 next for these wise words, we offer five charts.
One of these things is not like the others…
nope, no mispricing there at all…
Almost imperceptible amount of mispricing here…
So now “relative” mispriings at all..
How about “absolute” mispricings?
Cyclically, even Yellen thinks stocks are expensive…
and the median stock has never been more expensive…
But apart from that – nope – no mispricing whatsoever.
* * *
Which is why it seems odd that Bernanke would conclude his speech with this statement:
Why would asset prices drop if they are not mispriced?