Bill Fleckenstein was on Bloomberg today with a few positive things to say about the market -- except for financial stocks, which he wouldn't own with a gun to his head.
About the market, he says investors seem willing to go higher in the short term.
About financials, he says the real estate crash hasn't worked through the system yet. He'd short financials if there were any way to guess total losses:
If you absolutely had to be short something, I would look at the banks. But the reason I won't short them is because the accounting is so bad it's not possible to get your arms around what's going on. Back in the mania i tended to avoid them because they were just financial black holes… [Now] I wouldn't own a financial stock with a gun at my head.
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