From Expected Returns:
I think we're entering a period where it will be very hard to make a return. This is not necessarily because asset prices won't go up, because they will. It's just that volatility is going to be substantial as the big money unloads their inventory of government bonds. Just as in the recent spike rally in silver, a lot of people will find themselves buying when they should be selling, and selling when they should be buying.
I am fascinated by bubbles because it so aptly demonstrates human nature. At bubble tops, every single person who has ever considered buying an asset finally buys. From my own personal experience, I know many people who have been on the brink of buying gold and silver for...
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More on the markets:
Pimco's largest "stock" holding might surprise you
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Why the price of silver is the last thing you should worry about
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