|By Matein Khalid| I was in a pensive-philosophic mood last week as I decompressed from a trip to a hauntingly beautiful post Soviet country in the Caucasus, the land that produced Koba from Gori and Prince Pyotr Bagration, the fallen hero of Tsar Alexander’s imperial guard at Borodino. Yet Georgia gave me time and perspective to think about the financial firestorms on Wall Street, Marounuchi, the Gulf and the emerging markets, the dark alleys of the planet. I am no Cassandra or pessimist though I am proud to call myself a lifelong student of Dr. Von Hayek and Ludwig von Mises. Yet I see madness in global equities now that the mother of all short covering rallies is over in October. So the S&P500 trades at 18 times earnings with 1% EPS growth. Wicked. The Russell 2000 is 22 times earnings even as high yield spreads widen and the Fed rate hike cycle tightens liquidity premia. I remember the words of Texan wildcatter T. Boone Pickens when he addressed us at Wharton. “Boy, I was born at night. Only just not last night”.