QUICK NOTE

Very little has changed in three weeks of "risk off" anti-inflation meandering except to relieve over bullishness in risk markets. Seasonally we always expect rallies from now to near the New Year.

I'm on extended vacation but reading and thinking a lot. Vitaliy Katzenelson's "The Little Book of Sideways Markets" ($9.99 instantly on Amazon Kindle---I don't want or make a penny from them) is very different from my way of working but very persuasive. It's all about shutting out the noise of news and evaluating individual stocks. I started as a purely technical futures trader, so this reads strangely to me. But I can see the usefulness of this new to me approach.

Katzenelson's view is that we probably have a decade more of sideways or range-bound markets so that buy and hold makes no sense even for value investors. It's interesting to see fundamental value investors coming around to the same place as macro and technical traders. It makes me wonder if there is a herd forming which contrarians might exploit? What do you think?