Dallas Fed President, Robert Kaplan: "...growth in the balance sheet is not free. There is a cost to it."
"Behind the U.S. is China, the only other country with a double-digit share of global wealth, equal to 17.7% of wealth or $63.8 trillion. As the country continues to build out its middle class, one estimate sees Chinese private wealth increasing by 119.5% over the next decade."
"Here is a young man, who grew up during the longest bull market in history, just took his exam last year, has no real investment experience to speak of, and is now giving advice to people with no investment knowledge. What could possibly go wrong?"
"Taking profits and reducing risks now may lead to a short-term underperformance in portfolios, but you will likely appreciate the reduced volatility if, and when, the current optimism fades."
"Market bubbles have nothing to do with valuations or fundamentals."
"What an ominous year and ... what an inauspicious decade."
It insists the latter isn’t QE, but it sure walks and quacks like a QE duck.
You would think that with the U.S. taking out a top Iranian commander, threats of military action flying between the U.S. and Iran, not to mention the “Selective Service” website crashing over concerns of World War III, the markets would be in full “sell” mode. If you thought that would be the case, you were wrong.
For long-term investors, the reality that a clearly overpriced market will eventually mean revert should be a clear warning sign.
While a decade is just an arbitrary measure of time, people often attribute certain emotional and cultural characteristics to it, such as the "roaring 20s" of the 20th century. The 20s of the 21st century are promising to mark a defining period in world history, particularly for the West.
In 2017, Germany lowered the minimum amount of gold once can purchase anonymously to €15,000, or roughly $16,760. Now, the country’s finance ministry has once again been pressured by European Union lawmakers to place more stringent limitations on individuals’ ability to purchase hard assets without documentation.