(ZEROHEDGE) – There were numerous interesting, informative and mostly bearish speakers during the latest Strategic Investment Conference held at the end of May. Among them were Lacy Hunt, David Rosenberg, Neil Howe, Jim Grant, Mark Yusko, Gary Shilling, and JohnMauldin (readers can watch video interviews with these speakers on Mauldin Economics' Youtube channel and their full presentations can be found at the following page) all of whom painted a very pessimistic picture for the stock market but, as Tony Sagami points out, the most alarming comment came from Richard Fisher.
Fisher was president of the Federal Reserve Bank of Dallas and a voting member of the Federal Open Market Committee (FOMC) from 2005 to 2015. He was one of, perhaps the only, skeptic on the Fed board going into the great financial crisis, warning on numerous occasions about the upcoming crash only to be ignored by his wiser peers and certainly Alan Greenspan and Ben Bernanke. He was also ignored in the post-Lehman era by both Bernanke and Janet Yellen.
But as Sagami points out, Fisher's most telling comment came during the Q&A session when he was asked how his personal portfolio was positioned. Fisher's response: "In the fetal position." Moreover, he also said that "all my very rich friends are hoarding cash."
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Not some, not many. All.