Investing in the Environment

There are few fields in which decisions as to strategies and tactics aren't influenced by what we see in the environment. Our pressure on the gas pedal varies depending on whether the road is empty or crowded. We can't expect high returns when the market doesn't offer them. Prices won't fall to levels from which high returns can be expected if most investors are willing to settle for less. To quote peter bernstein, the market's not a very accommodating machine. It won't provide high returns just because you need them.