Deutsche Bank Out with Positive Note on U.S. Economy

$DB is out with a note, basically telling people to stop reading Zerohedge and bugging the fuck out by selling good stocks in a good economy.

In my view, there is a big disconnect between the current narrative in both equity and rates markets and the actual economic data. This economy is stronger than its reputation and for some reason many investors want to hold onto the 2009 story of “the economy is not good”. We are likely to reach full capacity over the coming 12 months and that is why Yellen, Fischer, and Dudley continue to talk about liftoff in 2015.

There are dark forces out there, spoiling the mood for everyone else. It reminds me of this book I am reading now, which is the single best investment book of all-time: 28 Years in Wall St. In it, the venerable Henry Clews discusses the life of a Charles F. Woerishoffer, who was the bear of the late 19th century. Like Chanos or the fuckers at Citron, he has a powerful effect on the stocks he targeted and brought about a somber mood in the market. In effect, he and his ilk purported the idea that there was zero value in all corporations, especially when it suited them for profit. He made a fortune on the short side, but died at the young age of 43–likely due to Satan calling him back to hell for a little R &R.

It’s always easier to destroy and believe all is lost. Perhaps the Nazis at DB are right and things aren’t that fucked. Hence, there is a legitimate cause for optimism, aside from the prospects for MOAR QE.