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Classic Wisdom from Hussman - The REAL Long Term Returns From Equities

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Buffett explained something pretty similar in it's 1999 speech in Sun Valley. Risk free rate is the law of gravity in finance. Stock are just perpetual bonds with variable coupons and principal.


The question tough is what to do... if you have bonds then the same effect applies as to stock. Variable rates preferred... maybe.


6.4% is not all that bad if you compare with 30Y treasuries.



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