Sep
15
Long term stock returns, from Victor Niederhoffer
September 15, 2015 |
I would say again it's the level of interest rates versus the rate of return on capital. Consider the rate of return of 15% versus 3% interest rates. Eventually, the 15% will be 1000 times as great as the 3% in 20-50 years. The differential is what matters because of compounding. The difference between the situation in 1987 and today is that rates were about 8 or 10% then. The compounding effect didn't swamp it. We'll go much higher shortly one believes.
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