"If we played them ten times, they might win nine. But not this game, not tonight. Tonight, we skate with them. Tonight we shut them down because we can. Tonight, we are the greatest hockey team in the world."
- Herb Brooks, today in 1980
“The rich are getting richer,” Arnott said. “Vastly so. But, it’s never the same people for long.”
The name Rockefeller, for example, has been synonymous with vast generational wealth going back more than a century. You will not, however, find any Rockefellers on today’s Forbes 400 list of the wealthiest Americans, Arnott observed.
“After a scant 50–100 years, there are no Carnegies or Mellons or Fricks,” he said, “and certainly no Morgans, Vanderbilts, Astors, or du Ponts, where the fortunes date back to the nineteenth century.”
Review PDF Via @TheIdeaFarm
HT: @CFAinstitute and @RA_Insights
https://t.co/1JLtaJvNI5
“Day after day dependability. It’s trust. You want to trust each one of your teammates. You earn your teammates trust by your performance and your consistency every day. It’s not like what they can do for you, it’s what you can do for them. You earn it. Nobody can give it to you,” Bill Belichick
Are you ready to have your mind blown?
Since 1989, money invested when the market is at all-time highs has actually outperformed money invested on any given day. 🤯🤯🤯
@BJRains BJ, based on your analysis, what do you think is the most likely outcome? I read the BNN article this morning but wonder if you agree with the author of that article on his analysis? By the way, your team's analysis so far is substantially more thoughtful than anything else.
3/4
But if the y-axis is extended to the NEXT (future) 5-year REAL (after inflation) return, then THERE IS NO EXAMPLE, OVER THE LAST 150 YEARS, OF THE STOCK MARKET BEATING INFLATION OVER THE NEXT 5-YEARS WHEN THE CAPE IS ABOVE 34.
Restated, valuation is an expectation tool. Unless one makes the case that corporate earnings are going to have their most significant surge in history, the stock market is destined to disappoint over the next several years.
Everyone wants the moment.
Few want the monotony.
Greatness is repetition done with intent.
Same drill. Same detail. Same standard—every day.
Learn to "embrace the boredom of consistency".
It’s worth remembering that while the top-heavy concentration during the late 1990’s was quickly reversed in the early 2000’s, during the 1950’s and 1960’s the market remained top-heavy for many years before excessive valuations finally took their toll. This could take some time.