Quote for the Week
The common thread that runs through all equity bull markets is confident expectations of higher earnings ahead. The common thread that ties the onset of all bear markets together is the loss of those confident expectations of higher earnings ahead. History shows that bull markets can go well beyond rational valuation levels as long as the outlook for future earnings is positive. — Peter Bernstein (source)
From the Archives
Last Call
- Investing’s Big Blindspot – Sapient Capital
- The Future Will Be Something – Fortunes & Frictions
- What Would Your Investing Obituary Say? – ValIdea
- What’s Your Investment Personality: Loner, Follower, or Zombie? – J. Rekenthaler
- The Calamity Theory of Banking – Maxfield on Banks
- International Diversification: Still Not Crazy After All These Years – AQR
- The Secretary Who Uncovered One of America’s Strangest Ponzi Schemes – The Hustle
- The Water Brokers – Grist
- The Most Important Machine That Was Never Built – Quanta
