There's a flippant retort used in investment circles in which mistaken fund managers proclaim: "I wasn't wrong, I was just early." It's used to vindicate a miscalculation as being the result of bad timing rather than bad judgment. Despite its rather corny and cliched premise, it is used more often than you would think.

In fact, Don Hays, the founder of Hays Advisory Group, points out that the excuse is being widely used right now by red-faced investors who are reacting too early to fears about the Federal Reserve tapering its bond buying program.

"After being in this business 42 years, how many times have I heard that?" Hays asks in the attached video of current concerns about teh Fed unwinding its $85 billion monthly quantitative easing program. "We have a long way to go before you have to worry about that."

In a recent not to client, Hays argues it will take years for the current monetary policy environment to deteriorate from near perfect conditions today to a point where it could threaten the bull market. And even when the Fed inevitably does begin to taper, Hays says it won't be as if the accommodative spigot just gets turned off completely.

It's hard to believe but a year ago at this time everyone cared about Facebook (FB). The company was culturally relevant. The idea of owning the stock had investors giddy pre-IPO and miserable literally a day later. The only question was not if but how the geniuses at Facebook were going to make inroads into mobility while maximizing profits from conventional desktop users.

As it turned out, Facebook's didn't have any real idea how to address mobile. What they've done is use the $16 billion of IPO proceeds to throw money into an abyss of laughably bad initiatives and promotional events designed to convince advertisers that users of Facebook mobile apps aren't turned off by product placements.

To be fair every ad-based internet company on earth has the same problem. The others get a pass on their efforts to crack the code on "monetization" because they don't have much riding on mobile bets and haven't been as splashily inept in their efforts.

In January FB hyped up what was supposed to be a game changing new pillar of their business model. The result was Graph Search. Suffice it to say Google (GOOG) remains the market leader in search.

A month ago at another over-hyped event as Facebook unleashed Home. It was a product that was teased to be a Facebook Phone and turned out to be little more than an app that hijacked user's phones. To say customers disliked Home is to suggest they cared about it at all. Fewer than .1% of Facebook users have downloaded Home and the product is reportedly being overhauled.