The Ignorant Investor

Seriously, I've got cash sitting in the basket, but when I look around I don't see anything around that looks cheap enough to be a bargain. Take a look:

Stock market- Frequently testing highs with no sign of multiple expansion. Even the broad international equity indices are trading at 17-18X earnings.

Bonds- Rising rates mean no capital gains for total returns, and interest paid is now barely above inflation.

Real estate- My God. . . My God. . .

Gold- High enough that gold bugs are giggling and arguing that it must break a new high this time around.

Commodities- Up a couple of hundred percent over the past couple of years.

I've seen arguments that all of these asset classes still have room to run, but most of the reasons given have the ring of rationalization and put me of the old "Dow 36,000" calls from 2000. Call me stumped. Anyone who stumbles across this blog and has an idea of a great as-yet-untapped opportunity that I haven't covered here should feel free to leave a comment. I'd love to hear it.