Is It Really “Different This Time?” “Value investors have bored momentum investors for decades by trotting out the axiom that the four most dangerous words are, “This time is different.” For 2017 I would like, however, to add to this warning: ‘Conversely, it can be very dangerous indeed to assume that things are never different.'”...Read More
Putting Today’s Record Low Housing Inventory in Context Economists distinguish between “real” and “nominal” numbers. So, someone who made $40,000 in 1989 (25 years ago) and now makes $60,00 would certainly appear to be better off. But they’re not. The reason: prices have doubled since then, which means that — to have simply kept pace...Read More
