“Classical measures of value have been destroyed. It is very difficult to find true price discovery or a reasonable degree of certainty about these markets except that they are artificial and fragile, susceptible to infection from myriad sources. Though equity trends strongly ascend, the ascent is not based on increasing revenues but liquidity that equals debt. In this context, if one ‘buys the market’ one is betting on continuing QE and an absence of crises that have lingering effects. While QE is likely to continue so long as policy-makers prefer to keep the markets climbing, geopolitical, fiscal or economic crises are nascent, ready to burst into flame.”
http://seekingalpha.com/article/1776642-do-qe-markets-validate-a-buy-and-hold-strategy
Tip Freedomwat.ch Staff with Bitcoin