“Cross your fingers, credit growth is a necessary but not sufficient condition for economic growth. Economic growth depends on the productive use of credit growth, something that is not occurring.” – Bill Gross, probably the most successful bond market investor over recent decades.
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Dollars Distort Our Understanding of Wealth
Most investors measure wealth in dollars — but what if the ruler itself is shrinking? Since 2000, the S&P 500 is up nearly 5x in dollar terms, yet priced in
