This episode with the great has a number of really intriguing ideas in it. In particular, the notion that low interest rates are here to stay … well, terrifies me a little.
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Particularly convincing to me is Livermore’s observation that corporate earnings are overstated in years where interest rates are high. (He says he’s not the first to notice this). The alternative that OSAM proposes is worth reading in its entirety: osam.com/Commentary/exe
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