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– William Gibson, author of Neuromancer
Those who cannot remember the past are condemned to repeat it.
– George Santayana, The Life of Reason
We are in the midst of an unprecedented boom. A technological revolution that will chang...
Because the goal of investing is to accumulate real wealth—an enhanced ability to pay for goods and services—the ultimate focus of the long-term investor must be on real, not nominal, returns.
John Bogle, Common Sense on Mutual Funds
There is a robust debate these days about whether today’s high stock market valuations are justified. On one side are more conserv...
“You pay a very high price in the stock market for a cheery consensus.”
— Warren Buffett
The inflation figures released last week were not particularly good. Consumer prices rose 0.6% in April and the year-over-year change is now 3.8%. The core numbers were better at 0.4% for the month and 2.8% year-over-year, but those were still higher than expected. Producer pri...
Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become s...