Our clients did not approve of us being early and, to a very considerable degree, fired us. "So the market made a magnificent move from its all-time high in early 1998. When we sit here discussing the stock market, we're a little like Emperor Nero fiddling while Rome burns." (Grantham pointed to climate change, widespread inequality, and population declines in several countries as examples.)ħ. "The economy, and particularly the stock market, are very secondary to a list of important long-term problems that we have that no one takes seriously enough yet. ![]() I suspect that they will once again dominate, and we will have a recession running perhaps deep into next year, and an accompanying decline in stock prices."Ħ. The power of interest rates rising and depressing the real estate market - very negative, slow-moving influence. The deflationary forces from the tech stocks breaking in 2021 - probably too big. But it's perhaps too little, too late to save us from a recession. ![]() They have never called a recession – and particularly not the ones following the great bubbles."ĥ. "The Fed's record on these things is wonderful. "I suspect inflation will never be as low as it averaged for the last 10 years, that we have re-entered a period of moderately higher inflation, and therefore moderately higher interest rates."Ĥ. We're now in an era that will average higher rates than we had for the last 10 years."ģ.
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