"Valuation alone does not end the bull market. It's either recession or irrational exuberance, and we don’t see either of those on the horizon."
"Essentially, there are only two asset classes: ownership and debt. If someone wants to participate financially in a business, the essential choice is between (a) owning part of it and (b) making a loan to it."
"Many consider behavioural economics to be the antithesis to the efficient market hypothesis. One side insists that the wisdom of crowds means that markets function efficiently, while the other argues that the madness of people routinely causes markets to inflate bubbles that collapse into pandemonium."
"Asset allocation is a high impact decision. It dwarfs any other decision."
"Valuation alone does not end the bull market. It's either recession or irrational exuberance, and we don’t see either of those on the horizon."
"Essentially, there are only two asset classes: ownership and debt. If someone wants to participate financially in a business, the essential choice is between (a) owning part of it and (b) making a loan to it."
"Many consider behavioural economics to be the antithesis to the efficient market hypothesis. One side insists that the wisdom of crowds means that markets function efficiently, while the other argues that the madness of people routinely causes markets to inflate bubbles that collapse into pandemonium."
"Asset allocation is a high impact decision. It dwarfs any other decision."