Embarrassing Ag Problem

By Kevin Muir

Stock markets up on a stick. Valuations stretched. Bond yields near sixty year lows. Real returns basically zilch.

A decade of global financial repression has forced investors everywhere out the risk curve. Nothing is cheap. There is a reason that top quantitative research shops like GMO have forecasted future returns that look like this:

Cries of that awful acronym TINA ring through the halls of investment houses as clients take a big gulp and write blue tickets – despite the lofty prices. After all, everything is dear and their retirement still needs to funded.

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