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William Bernstein

How To Make an Asset Class Appreciate

First Houses, Now Gold? What’s the best way to make an asset class appreciate? A. Increase its intrinsic value B. Limit supply C. Increase its liquidity D. Stimulate demand Answer:  C. (credit also given for “D.”). Buried in a Wall Street Journal article last week (the good stuff always is) was this nugget: Whenever an asset gets...
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