“Someday financial markets will decline...rising stock/bond markets will no longer be government policy. QE will end and money won’t be free. Corporate failure will be permitted. The economy will turn. Someday, somewhere, somehow, investors will lose money and once again come to favor capital preservation over speculation. Someday, interest rates will be higher, bond prices lower, and the prospective return from owning fixed-income instruments will again be commensurate with risk.” Seth Klarman
Monday, April 20, 2015
World's Finest Thinking on Macro Rates? (EVERY SINGLE QUARTER)
"Over the more than two thousand years of economic
history, a clear record emerges regarding the relationship between the level of indebtedness of a
nation and its resultant pace of economic activity..."