Episode 280: Kitces And Bernstein (And Bears, Oh My!) And Portfolio Reviews As Of August 4, 2023
Risk Parity Radio
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What Is Useless About What Bernstein Has to Say?
Bernstein has always said that he thinks returns in the future are going to be much worse than they have been in the past, based on some valuation metrics. He does not grapple with why he's been wrong in the past and instead says, well, there were changes in interest rates. The truth is the methodology he's using trying to use valuation metrics to predict the future just does not work very well.
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