AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
The Risk Management of a Overvalued Market
The S&P 500 had two bubbles. Yet between May 1995 and March 2009, it underperformed T bills in total return. All of these pieces have common denominators: extreme valuations or depressed valuations. The full cycle is why most people know about me; I wouldn't actually have a name if I didn't do enormously well for the first three quarters of my career.