Someday...
Someday, financial markets will again decline.
Someday, rising stock and bond markets will no longer be government policy – maybe not today or tomorrow, but
someday. Someday, QE will end and money won’t be free.
Someday, corporate failure will be permitted.
Someday, the economy will turn down again, and someday, somewhere, somehow, investors will lose money and once again come to favor capital preservation over speculation.
Someday, interest rates will be higher, bond prices lower, and the prospective return from owning fixed-income instruments will again be roughly commensurate with the risk.
Someday, professional investors will come to work and fear will have come to the markets and that fear will spread like wildfire.
The news flow will be bad, and the markets will be tumbling.
....
Can we say when it will end? No. Can we say that it will end? Yes. And when it ends and the trend reverses, here is what we can say for sure.
Few will be ready. Few will be prepared.
Seth Klarman is poetic in his essay!
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