Today, Dylan Ratigan of CNBC claimed that all the smartest guys in the business are bullish and buying stocks. As evidence he mentioned Warren Buffett and of course Private Equity. Somehow this comment is supposed to assure you that all is well and it would be reasonable to infer that if you buy stocks, then you are smart too. How wonderful. You can improve your IQ and be just like Warren by the simple act of buying stocks. Of course, Warren is smart and so is “Mr. Private Equity.” But comments like Dylan’s are not smart. I am bearish and you can decide whether I am not smart. When I think of the people selling today, I don’t presume anything about their investing intelligence. Many people were buying stocks prior to February 27th and yet, I don’t think they felt too smart a few days later. Many of these comments were thrown around in 1999 and early 2000. You were stupid to be afraid and not buying stocks back then too. But not so stupid a few months later.