Richard Oldfield on Value Investing, Warren Buffet and Elon Musk
Macro Hive Conversations With Bilal Hafeez
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Why Do You Have This Faith in Equities?
In recent decades, equities have generally done quite well. But there have been stretches where they haven't done so well over the 70s. And then there's some markets like the Japanese markets which have struggled. So why do you have this faith in equities? Well, first of all, I don't think it's a kind of arithmetic fluke. The trend return that I referred to is pretty consistent across markets. In the US, it's the highest. I think it's average is still about 6.2% real return after inflation. Now, there are exceptions. You picked out one. Japan has given a real,. I don't know what its very long-term
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