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The modern investor’s manifesto

“The stock market is filled with people who know the price of everything, but the value of nothing.” – Philip Fisher.
A personal perspective on some of the challenges facing today’s investor:
1. The Communist experiment of the planned economy did not work.
2. Not only did it not work, it impoverished millions.
3. Western central banks, their client governments, and agents in the economics “profession” seem unaware of this fact, or wilfully disregard it.
4. People respond to incentives. Everything else is detail.
5. Adam Smith’s invisible hand does work, if left well alone by the dead arm of bureaucracy.
6. In the aftermath of the breakdown of Bretton Woods, ‘developed’ governments have amassed unpayable mountains of debts.
7. A culture of entitlement has made these debt mountains higher.
8. These debts will never be repaid, except in devalued money.
9. The Fed has said as much – this is a secret hiding in plain sight.
10. The debt overhang will depress economic growth for the foreseeable future..
11. But a cult of economic ‘growth at any cost’ has infected the modern psyche.
12. In the real world, there are practical limits to growth. Beyond a certain level in any mature system, further growth is tantamount to either obesity, or cancer.
13. Pre-financial crisis economic growth throughout the western economies was illusory. It was established on the unstable sands of credit creation and borrowed from the future.

Source Sovereign Man

 

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