The financial system has been operating under “Gresham’s Dynamic” for some time. This simply means that bad ethics drives out good ethics. Professor Black is both a professor of law and economics, and was a high level financial regulator.
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Today’s new highs are increasingly mechanical, not fundamental — and in a broken market, your 401(k) is the exit liquidity.
Conventional investment management and financial planning isn’t built to see it, let alone act on it. At the one moment it matters most, it’s working against your best interest.
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This article is about why messaging like that tweet is wrong, what the math actually says, and how you can find out whether your own advisor understands the difference.
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