Think how weird profit margins are: We've got high unemployment and financial crises - and world record profit margins. People think the American market is very cheap. We don't. The market quite incorrectly gives full credit to today's earnings.
From Jeremy Grantham
We live on a finite planet. We have finite resources, and we're running out of good, arable land.
Market timing, by the way, is a tag some buy-and-hold investors use to put down anything that involves using your brain. These are the same people who like to watch the locomotive coming and get run down in the name of discipline.
At least us old men remember what a real bear market is like, and the young men haven't got a clue.
You can't run the economy on BMWs alone. If the average person is in a pickle, how do you have a healthy economy?
One day we will have more inflation, and our bonds will bleed like a pig. The only reason for buying long bonds is short-term or as a desperate haven for terrorized investors. But the potential to make longer-term real money is naught.
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