“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
Saturday, August 29, 2015
"S&P 500 revenues...fell 3.7% y/y during Q2 following a 2.4% decline during Q1. These were the first such declines since Q4-2008 through Q3-2009. I calculate that revenues rose 2.3% and 0.7% during Q1 and Q2 excluding the Energy sector."