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Relatively Speaking
It's getting pretty stretched out there in equity land, notwithstanding stocks' "relative" value versus bonds sporting ever-lower yields.
The persistence of this debate (the relative value discussion) is amusing. It's almost as if it doesn't occur to anyone that two things can both be expensive at the same time.
Of course, multi-asset investors are compelled to own something (you're not really an investor if you're not invested), so in a sense it's always a relative value debate. But how many
At the risk of H….telling us that he is being facetious , although this is a wonderful weekend post (as usual).. I can honestly say I repeat a less eloquent version of what he is saying here to myself and everyone else who will listen , daily and or before bedtime .. I am still recalcitrant about the MMT practices but will assume I will be forgiven in time , because time will tell it all in 20-20 hindsight..
“when denominated in literal sweat”
Ewww
Everything is expensive… except Labor… And Capital, if you happen to be a creditworthy borrower/BIG.
All that, because we cannot find the will/majority votes to tax the rich.
TBH, I don’t always like historical comparisons. I love History but circumstances are always different enough to warrant humility in pretending to understand “history’s lessons”. Still, End of the Western Roman Empire much?
The good thing (from our pov) is that it took the western roman empire a few century to totally rot to the point rebellious barbarian mercs could overthrow it…
Sorry fredm421, but history now moves more swiftly. It did indeed take the Western Roman Empire a few centuries to collapse. It took the British Empire about 40-50 years from its zenith and the Russian/Soviet Empire about 30 years…
“The persistence of this debate (the relative value discussion) is amusing. It’s almost as if it doesn’t occur to anyone that two things can both be expensive at the same time.”
Lol, so true.