Do we have the capability to eliminate booms and busts in economic activity? The answer in my judgment is no, because there is no tool to change human nature. Too often people are prone to recurring bouts of optimism and pessimism.
April 26, 2017
This classic sentence by Charles Dickens could easily be applicable to the past eight years in the investment business. As the market has continued to rise – now the second longest bull market ever - it has created the worst of times for investment managers. During the past six years no active manager has been able to outperform the S&P...