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We were just talking this weekend about investor complacency surrounding the fiscal cliff.To wit, here’s Dan Greenhaus of BTIG:
While this positive environment may persist for the next however long, investors with whom we speak remain incredibly unconcerned about the Fiscal Cliff, believing that Congress will in virtually any scenario postpone the cuts until the spring or summer. Perhaps, but the debt ceiling debate of last summer proves that investor reaction can be swift and gains lost even after a solution has been found.
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