Footprints From the Risk-Off Clowns

If you have to sell all of your stocks every time Spanish bonds reach a new milestone, you'll be in and out so many times that I doubt you'll be able to make any money. This is why I have been so critical of the "risk-on/risk-off" nonsense. What this does is make you think that, somehow, selling is right when the crisis asserts itself and then buying is right when the crisis ends. I am gratified that I'm hearing less and less about risk-on/risk-off, because it tells me the journalists are no longer falling for hedge-fund speak and are actually trying to help people make money.

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