WEALTHTRACK Key investment lessons of the last 20 years from noted strategist Richard Bernstein
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Jul 14, 2024 
Noted strategist Richard Bernstein shares key investment lessons from the past 20 years. He discusses navigating economic challenges, cautions against hype in artificial intelligence investments, stresses diversification in portfolios, explains the changing fixed income landscape, suggests investing in U.S. mid-caps and small caps, and expresses skepticism towards Bitcoin ETFs.
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Cycles Repeat, Not Unprecedented
- Financial and economic cycles repeat and are rarely truly unprecedented.
- Investors lack economic history which skews expectations about current events.
Technology Hype Can Mask Poor Returns
- New technologies (like AI) change the economy but often create speculative bubbles.
- Buying at hype peaks can lead to long periods before breakeven.
Narrow Leadership Hides Broader Opportunity
- Narrow leadership in markets often reflects hype, not broad fundamentals.
- Many S&P 500 companies grow earnings strongly despite concentrated index performance.