THE SUPERIOR RETURNS FROM MONETARY PESSIMISM 2002-2020
Executive Summary The powerful climb of the S&P 500 since the business cycle trough of 2009 and the last growth cycle trough of 2015/16, together with absence of recession, has made many investors resistant to pessimism. Yet monetary pessimism, correctly formulated, has in fact been the basis of far superior returns measured over standardized …
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