road with sign of opportunity

The Reformed Broker writes:

Every bear market has these two things in common:

1. They end

2. Expected returns go up

The first thing is self-explanatory. The second thing should be obvious but from my talks with thousands of investors over the years, I have found that it is most certainly not intuitive to most people.

When I tell you that expected returns are rising as stock prices fall, this is an overly simplistic way of saying that investors only get paid ...

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