The Importance of Social Trust

I like sending people any time they give me a hard time about foreign stocks. I send them Vanguard's forecast where they have foreign equities as the number one expected return asset class. A lot of that has to do with potential very low valuations coupled with much higher dividend yields than we have in the US. The wealthier societies get, the less trusting it can be because you develop established elites that co-op the system and that destroys trust.

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