Bill Bernstein on Financial History, Star Managers & The 4 Pillars of Investing | #490
The Meb Faber Show - Better Investing
The Leverage of US Stocks and Bonds in the Last 20 Years
When you look beyond the broad US stock market, excuse me, for expected returns, well, there's tips. Tips weren't very attractive two years ago but now they're quite attractive. Small value stocks around the world are cheap and selling at single-digit PEs abroad. Even just the broad stock market is not a bad bet on inflation. Commodities futures are a mugs game because of the cotango... You're getting clobbered by several percent per year. If you're going to play the commodities game in the long term by commodities producing stocks ... In an inflationary environment, they'll do pretty well.
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