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For the 30 years prior to his writing this in 1992 stocks consistently were priced to deliver higher returns than bonds — but today, that’s clearly not the case.
Investors today are paying very close to the highest prices in history.
Thus, they will inevitably receive some of the lowest returns on record.
A couple of weeks ago Berkshire Hathaway held its annual shareholders meeting known to many as the “Woodstock for Capitalists.” I have never attended (I don’t like...