The mood at the CFA forecasting dinner last night was decidedly downbeat. Speakers talked about US global debt levels, government and consumer. Not consistent with markets at three-year highs. Probably because a portion of this cohort of money managers is short and keeps getting squeezed. Behaviorists would argue that this is anchoring bias. Once you have got your teeth around a thesis you don’t let go. Meanwhile, employment news comes out fairly positive. Just another day at the beach.