---
title: "Another Leg"
url: https://independentstockanalysis.com/another-leg/
description: "Is it the money or the macro driving the stock market? Business Insider Stanley Druckenmiller interview . Then note Barron’s cover story More Stocks…"
published: 2013-03-05
updated: 2013-03-05
---

# Another Leg

Published 2013-03-05

Posted on

by

J.J. Butler

Is it the money or the macro driving the stock market? [Business Insider](http://www.businessinsider.com/gerard-minack-money-or-macro-2013-2)

Stanley Druckenmiller [interview](http://theshortsideoflong.blogspot.com/2013/03/stan-druckenmiller-interview.html). Then note Barron’s cover story [More Stocks; Fewer Bonds](http://online.barrons.com/article/SB50001424052748704103204578318560105238632.html?mod=BOL_twm_ls#articleTabs_article%3D0). Yea…

Rick Rule [interview](http://goldsilverworlds.com/gold-silver-experts/rick-rule-gold-fear-trade-silver-greed-trade-platinum-math-trade/). “Under sequestration, government spending increases by $2.4 trillion over the next 10 years rather than $2.5 trillion without it.” [Ron Paul](http://the-free-foundation.org/tst3-3-2013.html)

Yes, the stock market is priced richly says Doug Short [here](http://advisorperspectives.com/dshort/updates/PE-Ratios-and-Market-Valuation.php) and [here](http://advisorperspectives.com/dshort/updates/Crestmont-PE-Ratio.php). Especially if today’s profit margins are a function of the credit bubble ([Mebane Faber](http://www.mebanefaber.com/2013/01/11/the-margin-debate/)).

What a disaster:

And so are the fundamentals in this week’s missive by [Grant Williams](https://d21uq3hx4esec9.cloudfront.net/images/uploads/ttmygh/6310/Mar_4_2013_TTMYGH.pdf).