Some say the market has become fundamentally cheap, but the truth is technicals are very weak with investors increasingly nervous as portfolio values decline. The US stock market has had the worst start in over 100 years. The SP is down 9.7% in just 3 weeks and the biggest weekly loss in five years, and the Nasdaq has lost 11.8% since the beginning of the year. Stocks are getting hammered around the world, so it would not be a surprise to see snap-back rallies in the coming weeks. The yield on the 2-year note is now at 2.39% almost 2% below Fed funds while the yield on the 30 year is at 4.40%. This is truly a symptom of flight to quality.

The World Top Investor is entering the last 3 weeks of the 12 months competition. Hu Haochen is strongly in the lead with gains of 696% far ahead of Mr. Doleschall now with gains of 564% and followed by Hanqui Guo with 562%.