Now with QE as a know certain (at least for this moment) that indeed the spigot to the fire-hose has been shut off albeit there is still the "reinvestment" sprinkler system still at play. We might possibly get back to a little bit of sanity within the capital markets.

I watched a great many pundits take to both the financial air-wave cameras, as well as radio and print with fervent breath to make more or less a blanket statement that all the so-called "doom crew" (this is what you are now branded if you dare make a cogent case against fairy-tales and pixie-dust) were proven to be, without a doubt – totally wrong.

Added to this near foamed mouthed expression of glee was the added generalized diatribe, "when will these people just admit they were wrong and go away?!" Every time I heard or read a statement reminiscent of this I burst out into laughter. Until I read Hugh Hendry's Eclectica Fund's "Letter to Investors." Here is where I went from laughter – to outright stupefaction.

Before I go any further let me make this point clear: I am, and have been a fan of Mr. Hendry's investing prowess, his willingness to point out in public whether an Emperor is clothed or not, and more. However, I have also made my opinion clear about my uneasiness when he originally turned his investing thesis onto its head and became by his own words "a Bull."