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TIP546: The Holy Grail of Long-Term Value Investing
We Study Billionaires - The Investor’s Podcast Network
The Effect of Liquidity on Stock Prices
As interest rates rise, asset prices tend to fall. The best environment for stocks is a dull, slow economy that the Federal Reserve is trying to get going. A bull market doesn't have to end just because we hit some certain valuation level. As Buffett says, the market can stay irrational longer than any of us can stay solvent. Trillions of moving parts are involved in the economy so it's simply impossible for a single variable or even a handful of variables to tell us exactly when the good or bad times will end.
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