One of the greatest mistakes I see smart people making is assuming that the S&P 500 will yield 8% “because it always has”. I would to introduce them to Japan’s Nikkei 225. If you bought the index in 1988 (!!!) your return would be negative 25 years later. Turns out valuation matters.... See more

The most beautiful summary of the last 2 years of equity market activity by Howard Marks https://t.co/5Ma9Vcavwe