A BIG LIGHTBULB WENT OFF
Although I have not been perfect, on the whole I have resisted the desire to fade this equity rally or load up on tons of VIX betting on a replay of 2008. It has been difficult as there are plenty of really smart (and some not so smart) hedge fund managers taking the exact opposite bet. George Soros, Stanley Druckenmiller, Howard Marks and Raoul Pal hav…