Thanks for the story. At around 1% returns on cash that’s an expensive seat cushion. :)
“ ‘If I’ve got some spare cash, I’d like to just keep it as dry powder until I get a little bit more clarity on this coronavirus,’ Yardeni said.“
Keeping dry powder ? Gosh - That one goes way back. Younger ones here may not know it.
- “Dry Powder” INVESTOPEDIA
Another oldie I like - (opposite of keeping powder dry): Backing up the truck .
- “Back Up The Truck” INVESTOPEDIA

The link includes a link to the interview....

That’s Yardeni pointing to the possibility of a 10% drop from recent market highs in an interview on CNBC on Friday.....
Yardeni, who says he’s going to keep cash on the sidelines until he gets more clarity on the coronavirus, remains bullish longer term.
“Interest rates are so extraordinarily low,” he said. “The central banks have basically provided no interesting reasons to buy in the fixed-income markets and lots of reasons to buy in the stock market.”

https://marketwatch.com/story/heres-why-one-longtime-market-bull-is-keeping-powder-dry-even-with-the-fed-giving-a-green-light-to-buy-stocks-2020-02-09

@Edmond Thanks for the heads up about Yardeni's blog. His latest entry was definitely worth reading. I used to follow him but somehow lost touch with his writings. My email address is now back in his updates que. It does not appear the central banks are ready to give up on their easy money policies. So, from his perspective, it sounds like additional asset price inflation is probably in the cards. Too bad his cryptic ending comment does not spell out more clearly when he thinks that approach probably won't continue to work any more. It seems like we are already in the era of diminishing returns. Perhaps jeremy grantham's ponderings about a gradual reversion towards the mean for asset prices over several years makes as much sense as anything? Its hard to quickly step too far away from risky assets when interest rates are so close to zero and additional liquidity keeps getting pumped into the system.

@Edmond: Always been a fan of Ed Yardeni.
Regards,
Ted
Blog:
http://blog.yardeni.com/

Ed Yardeni has been around Wall Street for decades. -- Maybe even back as far as the old Wall Street Week era. Having been around a long time, he brings experience, sobriety, and perspective to his analysis, which is often lacking by most of today's professional "blogsters".
I 'check in' on his blog from time-to-time. This week's post (dated 8/5/19) seem particularly cogent, and covers a lot of ground about markets, the national economy, "stagnant income" (he thinks the data shows income has NOT been static), and much more.
blog.yardeni.com

Children have an economic value in rural agricultural communities, but not in cities.

Does Yardeni even realize how he sounds to ordinary human beings?

FYI: Something is wrong with the global economy. It's not functioning as it "should," or traditionally has. Actually, the world economy seems downright dysfunctional. This distortion relative to past norms reminds me of the skewed, tragi-comedic worldview of Garp in John Irving's best-selling 1978 novel “The World According to Garp,” about a man born out of wedlock to a feminist icon.
The U.S. economy, meanwhile, is showing some signs of similarly unusual behavior, but it doesn't appear as abnormal as the rest of the global economy — so far. I am using the objective meaning of the word "abnormal" without drawing any subjective implications just yet. In other words, for investors, the world is what it is. Our investment conclusions must be derived based on how it is, not on how it ought to be.
Regards,
Ted
https://www.marketwatch.com/story/theres-a-lot-more-to-the-stock-markets-slide-than-trump-and-trade-wars-2019-08-05/print

So while I am no expert, Yardeni has been making the right calls for a while now. Here is his latest piece which I (novice individual investor) was very impressed with. I have chosen fund discussions but that might not be correct.
http://blog.yardeni.com/2019/01/on-demographic-path-to-human-self.html

"I see these demographic trends as reducing the likelihood of an economic boom, which reduces the likelihood of a bust. The business-cycle expansion should continue, and inflation should remain subdued." There it is, in a nutshell, domestically.

So while I am no expert, Yardeni has been making the right calls for a while now. Here is his latest piece which I (novice individual investor) was very impressed with. I have chosen fund discussions but that might not be correct.
http://blog.yardeni.com/2019/01/on-demographic-path-to-human-self.html

Drilling down into the S&P 500 sectors for recession proof industries (showing little draw down on profit margins during the last two recessions):
- Tobacco (Consumer Staples)
- Household Products (Consumer Staples)
- Healthcare Equipment (Healthcare)
- Pharmaceutical (Healthcare)
- Industrial Gases (Materials)
Surprise (to me):
- The profit margins for the Health Sector as a whole has steadily fallen from 12.5% (in 1995) to 9% (in 2018)
Boring, but steady sectors:
- Healthcare Distribution
- Drug Retail
- Glass & Metal Containers
Also,
Oct 3, 2018 follow up report by Ed Yardeni: Performance 2018 S&P 500 Sectors & Industries
https://yardeni.com/pub/peacockperf.pdf

Ed Yardeni is often highlighted here by MFO posters linked by many here:
https://mutualfundobserver.com/discuss/search?Search=yardeni
This morning I stumbled upon this report titled: Stock Market Briefing: S&P 500 Sectors and Industries Profit Margins dated October 4, 2018.
Profit Margins and the price of the S&P 500 Index seem to be "in the moment" indicators and comparing the two seems to be one data point to follow. Since 2017, the S&P 500 index seems to be out pacing (being priced up) above profit margins which is captured in chart 7 (S&P 500 vs trailing profit margins) in his report:

Report (lots of charts):
yardeni.com/pub/sp500margin.pdf

People doling out advice never have to invest their own money based on that advice. Because they earn their keep because of us. And we have to invest so we can fund them. And they get paid regardless of whether we gain or lose money. And always, ALWAYS it is never their fault, and always ours. If Investor loses money, it is always investors fault.
I've been saying a long time if $USD is going up international/emerging markets suffer. I call it common sense. Of course I will not win any nobel prize because like Ed Yardeni, I don't call it "stay home strategy".
Marketing? Absolutely. In today's times searching twice on Google implies "Re"search.
Now I'll wait for the blog posts to become a book. NOT.

Note the consumer discretionary to staples ratio and the explanatory text. With staples staging a minor upturn the past couple of weeks, I decided to buy a small starter in a staples etf as a possible rebound play.
I'm recalling one MFO poster was buying/adding to staples earlier.
In case anyone's interested, here's Yardeni's sector piece for 2018 to date, published Monday, which has more detail on the staples sector.

Ed Yardeni's stock market forecast is linked below: and, I believe worth the read. He is projecting end of year valuation for the S&P 500 at 3100 and favors the following sectors: financials, technology, consumer discreationary and industrials. In addition, he feels small caps have a ways to run. A readers market survey is found towards the end of the article.
Enjoy the read.
https://www.cnbc.com/2018/06/01/earnings-not-geopolitical-noise-is-important-to-markets-ed-yardeni.html

Unless I'm mistaken, Yardeni has made a lot of money advising people but never made any money for investors. For a while he was also associated and managing fund at White Oak.
I think most people have figured out that "talk" is easy, "walk" isn't. Some who were not "internet" celebrities can still have a career. Wonder what happens to the rest. Jim Jubak anyone?

FYI: Leading Wall Street economist and strategist Ed Yardeni explains why it pays to be optimistic, even in today’s markets.
Regards,
Ted
https://wealthtrack.com/widely-followed-strategist-and-economist-ed-yardeni-shares-his-unconventional-views-on-investing/
Dr. Ed's Blog: (Most of it is free.)
https://www.yardeni.com/

FYI: It has been almost nine years since the last U.S. bear market, as defined by a 20 percent or more decline in the S&P 500 Index. That’s the second-longest stretch without one since 1928, according to Yardeni Research Inc. Only the period from December 1987 to March 2000 was longer.
Regards,
Ted
https://www.bloomberg.com/gadfly/articles/2018-01-25/move-over-groundhog-the-bear-holds-a-lot-of-market-answers

@Ted, Thanks for the article.
Last line from the article say it all:

“CAPE tends to be too pessimistic and PEG may be too optimistic,” Yardeni said by phone. “The truth may lie somewhere in between.”

The last correction (spanning 2015-2016) was 13.3%. Before that were corrections of 12.4% (2014), 19.4% (2011), and 16.0% (2010).
That was using a definition of a 10%+ decline of the S&P 500. If one wants to include "minor" corrections of 5%+, these occurred in 2014 (twice), 2013, 2012 (twice), and 2011.
https://www.yardeni.com/pub/sp500corrbear.pdf
Good luck timing the corrections. Perhaps you meant bear markets (20%+ decline). The last two of those were indeed 57% (2008-2009) and 49% (2000-2002). Then you might have chosen to wait out this whole decade waiting for the next bear market. Making 1% in cash?
Given the near quadrupling of the market since the last bear, you may not come out ahead even if the market crashes 50% next year.
On that possibility, see Grantham's expectations: https://www.mutualfundobserver.com/discuss/discussion/36466/jeremy-grantham-predicted-two-previous-bubbles-and-now

FYI: Ed Yardeni, who has been about as right about this market since the 2009 lows as anyone, believes stocks still have some room to run.
Regards,
Ted
http://ritholtz.com/2017/10/earnings-inflation-signal-sp-500-isnt-excessive-chart-day/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+TheBigPicture+(The+Big+Picture)