Bill Fleckenstein: On Record Breaking Day I Would Be Selling Stocks
Bill Fleckenstein, president of Fleckenstein Capital, spoke to Fox Business host Liz Claman this week and warned of the dangers in investing in the stock market as it’s making new highs. Fleckenstein said the world’s central banks are printing money in a fashion that they’ve never done before. “Anybody buying stocks here is hoping to sell them higher, or asking for trouble,” Fleckenstein added.
He said while he owned some stocks, he had zero interest in buying stocks (the S&P 500) generically right now.
Fleckenstein said investors should use cash to purchase assets that can’t be debased by money printing. “Gold will be a far better thing to own, looking out over the next few years, than the S&P from these levels,” Fleckenstein said.
Back in May 2012, Fleckenstein said that buying financial stocks was comparable to going to the casino [link].
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