Jim Grant, at Canadian Value Investing, makes some interesting points

  "Here's a fact: China's banking assets represent one-third of world GDP, whereas China's economic output represents only 12% of world GDP. Never before has the world seen the likes of China's credit bubble. It's a clear and present danger for us all.

And here's a sign of the times: Amazon, with a trailing P/E multiple of more than 1,000, is preparing to build a new corporate headquarters in Seattle that may absorb more than 100% of cumulative net income since the company's founding in 1994.

Now, there are always things to worry about. Different today is the monetary policy backdrop. Which values are true? Which are inflated? In a time of zero percent interest rates, it's not always easy to tell."

Better have some tight stop loss orders on any stocks you might own, or better yet, find something else to invest in - like pre 1964 silver dollars, perhaps.

Read it all here, and a hearty hat tip to Small Dead Animals.