The US stock market remains over owned, over leveraged and over valued. It is clear that most investors have not understood the enormous risk they are taking for inevitably poor long term returns. John Hussman provides a great service by producing clear charts showing highly likely outcomes.
https://www.hussmanfunds.com/wmc/wmc140505.htm
Tax-Efficient Investing: How the Right Strategy Saves You Hundreds of Thousands
Effective compounding and tax minimization are not competing goals. They reinforce each other. The discipline that drives superior long-term compounding uses aggressive risk management to minimize drawdowns and so also
