November 2019 – The superior returns from monetary pessimism 2002-2020
The powerful climb of the S&P 500 since the business cycle trough of 2009 and the last growth cycle trough of 2015/16, together with absence of recession, has made many investors resistant to pessimism. Yet monetary pessimism, correctly formulated, has in fact been the basis of far superior returns measured over standardized time periods (similar stages…
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