The Total Portfolio Solution – P/Es By Category

April 1, 2016
By Steve Blumenthal

“Now these monetary institutions are expected to continue producing miracles. But their ability to repeatedly pull new rabbits out of their policy hats has been stretched to an increasingly unsustainable degree.”

-Mohamed A. El-Erian, The Only Game in Town

I walked through Chinatown in San Francisco last week.  Block after block, store after store, all selling the same stuff (t-shirts, trinkets, etc.).  Each looked exactly like the other.  Susan and I were heading to rent bikes and bike across the Golden Gate Bridge.  That was wildly fun (and so was the wine and calamari in Sausalito).  Susan asked, “How do they all survive?”  The short answer is that not all will win.  I tried to explain it...