What's the Biggest Mistake Right Now?

The most serious mistakes investors make are performance chasing and blinders focusing strictly on domestic opportunities. Stocks outside the US are reasonably cheap, but they're priced at more than twice valuation multiples of non-US stocks. To avoid those two mistakes, it's awfully useful to think in terms of forward returns, not past returns. And forward returns are simply a function of what's the yield, what's the historical growth in income.