A Powerful and Reliable Determinant of Long-Term Investment Returns

April 8, 2016
By Steve Blumenthal

“The Fed may succeed in stretching this cycle until 2017.  But sooner or later it will have to grasp the nettle, and then we will discover how much monetary pain can be taken by a dollarized global economy with post-QE pathologies and total debt ratios some 36pc of GDP higher than in 2008.

So enjoy tactical rallies if you dare.  But seven years into a profitless bull market is not a time for greed.”

–Ambrose Evans-Pritchard

In my view, the bet today comes down to this: you believe the Fed can hold the market up (aka “the Fed Put”), you believe politicians can accomplish structural reform and you believe that the same holds true in Europe, China...