By Trim Tabs:
By Charles Biderman
After leaving New York last week, I was left with the overwhelming impression that most portfolio managers really believe stocks cannot go down. Why? Because portfolio managers have been fully trained to believe in the religious like School of What Works. And what has been working since 2009 is buying stocks regardless of anything and everything else.
If you ask portfolio managers why stocks have not gone down? The answer can be bottom lined as the Bernanke Put. A key truth for those who believe in today's School of What Works is that the Bernanke Put has been and will keep on saving the stock market.
For those of you who have been hibernating from the financial markets over the past few years, the Bernanke Put means that Wall Street believes that Fed Chairman Ben Bernanke is omnipotent; and that he can do whatever is takes to
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