A Look at Prospective Market Returns Amid a New Era of Negative Real Rates
One theme we have focused on in these letters over the past three years is what a transition into a regime of negative real interest rates looks and feels like, and the long-term consequences such a regime brings for the markets, and for investors.
Shiller’s ECY Makes Relative Sense, but the Market’s Absolute Return May Be Another Story
It often happens that associations which end up leaving an indelible mark on our collective memory of certain market events are the result of sheer happenstance
This Era May Come to Be Remembered as the Federal Reserve’s Third Great Mistake
The Great Inflation of the 1960s and 70s, the earliest stages of which were already underway when Graham spoke at the St. Francis Hotel, eventually produced some of the most astonishing economic dislocations in U.S. history.