#19 The Value Investor
Behind the Balance Sheet
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Are You a Passive Investor?
I find people look at me incredulously when I say, well, you know, I'm a believer in kind of decayed long cycles. Being a passive investor was good in the 2010s, reasonable in the 2000s, not brilliant. But being passive, I think it's going to be a disaster. You're still in an overvalued market by historical yardsticks. Inflation is higher than it's been. The endgame here has probably deflation and absolute decline in the price level. We don't appoint central bankers that will tolerate that.
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