“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
Friday, September 18, 2015
Mark Spitznagel: "...if August was scary for people, they ain't seen nothin’ yet." "...what we're witnessing today is the slow death of one of the great myths in human history: this idea that centrally planned command economies work, that they're even feasible, and that they can be successful."