![]() ![]() ![]() So I absolutely do think studying history is important and on our team, in 2021 when we saw inflation starting to increase, we went back and asked all our analysts to study the 1970s, cuz that was the last bout of significant inflation. It is also the time generally required for a new generation to enter the scene impressed as had been its predecessors with its own innovative genius and he's talking a lot about financial bubbles, and that's how he relates that quote. This is normally the time it takes for the recollection of one disaster to be erased and for some variant on a previous dementia to come forward to capture the financial mind. And then John Kenneth Galbraith specifically talking about markets says For practical purposes, the financial memory should be assumed to last at maximum, no more than 20 years. And I think that applies to a range of fields, obviously politics, sociology, but also markets. He says, The farther back you can look, the farther forward you are likely to see. given today's topic, I figured history would come up, so I brought with me two quotes that I wanted to share, so I'll read them. And part of that is being a student of market history. And as both of you know, Larry Fink often talks about the importance of being a 'student of the markets'. Tony: Well, I'll, I'll start with that, Will, I think history's incredibly important. So I'll start by asking each of you, how has your own experience or study of history shaped your view of the markets this year? But 2022 has really been an anomaly in so many ways. Will: When you have a year like 2022, the tendency is to look to history for a comparison, for some insights or lessons or patterns, something to help guide your investing playbook. Growth team.įrom inflation to sustainability, together we’ll dig into the topics on investors’ minds and, in the process, debate how expectations for the year ahead may be colored by time horizon and our own experience of market history. Fundamental Equities, and Caroline Bottinelli, Co-Portfolio Manager with our U.S. And I’m joined today by my colleagues Tony DeSpirito, CIO of U.S. I’m your host Will Su, Co-Director of Research for the U.S. stock market from their different vantage points and experience. Today we’re bringing together two investors from different generations to examine the factors shaping the outlook for the U.S. Intro: Welcome to this special edition of The Bid meets our Expert-to-Expert investing series from our Fundamental Equities group. And that in nutshell is how we can add value as active investors. Open: Tony: Active management's about studying history, studying the current data but then adding judgment to that because data and history doesn't see around corners, human judgment does. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |