...valuing the market at 51X LTM earnings during the present parlous moment in time – or even nearly 27X if you want to give the financial engineering jockeys in the C-suites a hall pass for $77 billion of mistakes and losses this quarter alone–is nothing short of nuts.

Sure, let's buy companies that will take 51 years to actually earn enough to reasonably profit from our investment. This isn't just betting on share price, no...

This is why everyone says long/short like they are options traders nowadays. It's just gambling, not investment.