Mar

11

I've been asked if there is one reason for the 50,000 fold a century drift, what is it? I am pleased to acknowledge that I was able to adjust the triumphal trio to forget about the useful idiot Yale view that it's dividends yields that explains the drift. If I had to say one thing its providing capital to firms through purchase of stock that lets you participate in the internal returns of capital that all good firms make i.e. 15-20%. After rake its come to 10-15% a year left for you but gets more in times of pessimism in line with risk return trade-off. What's your views as to a reason for drift or heaven forbid your views of lack of future drift. Imagine where we'd be if cattle trader was at helm.


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