The Scaries Number

The scaries number is forty five trillion dollars. That's the amount of naked, long equity position on american household balance sheets. The liabilities don't go down in value as the assets do in a recession. Household sector has never been thus exposed to a bear market before. If you believe in mean reversion, bob farrell's rule number one, you have to believe,. i mean, reversion in this business, or you will not have a business.