- There’s an old saying that the dumb money transacts in the AM and the smart transacts in the PM. Are these morning rallies we keep seeing a case of the little guy jumping into the rally late or is this old saying meaningless?
- Am I a fool for being net short at a time when all of the big banks have a target of 1200+ on the S&P and remain powerful drivers of equity prices?
- The VIX continues to tick higher little by little on up days for the market. Is this a sign that the smart money is starting to pay up for protection as equities melt higher? Or is the prolonged downtrend in the VIX here to stay?
![Cullen Roche](https://pragcap.com/wp-content/uploads/2022/01/Headshot2022-1-144x144.png)
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.
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