### Comment:
Timing the market is a hard one but please tell me where his DD is wrong.

### REPLY:
This.  He said multiple times he never thought the market would believe QE, ZIRP, etc. would work.  He thought they'd call BS on the Fed right away.  Instead, everyone took the Fed at face value which has allowed this mess to blow up even further.  That's why the cracks we're seeing now are exactly what he expected 8-10 years ago.  His timing was wrong, not the fundamentals.

### END.