Quote of the day...

From Michael Lewitt (video):

I feel today the way I felt in 1999-2000. The way I felt in 2007. Where the cycle is getting very extended. Things feel really excessive. And it's really frustrating, because I feel that the markets are not pricing risk properly, and yet they keep going up. And I really feel like banging my head against the wall. In the most recent issue of my newsletter, I say I spend more time at the gym because the alternative is banging my head against the wall, and that's really bad for the wall.