"The Communist experiment of the planned economy did not work."
“People are trapped in history and history is trapped in them.”
The following Modern Investor’s Manifesto is adapted from ‘Investing Through the Looking Glass’ (published Harriman House, 2016).
Any subsequent emphasis is ours.
I0. The debt overhang will depress economic growth for the foreseeable future.
These are not auspicious times for savers or investors. The financial system has yet to be properly restructured after its near-death experience in 2008. Currency wars continue to rage. Central bank monetary activity has distorted asset prices globally. Economists and central bankers continue to flaunt their ignorance of, and overconfidence in, the practical limits of their false sciences.
It is difficult, though happily not impossible, to identify compelling value opportunities from around the world. Notwithstanding the distortions and mispricings of so many types of assets, it is still possible to construct diversified portfolios of prudent and sensible investments. While the uncertainty of our times is uncomfortable, craving certainty about the future is unrealistic. We must play the hand we’re dealt. In the words of the author Vivian Greene, “Life isn’t about waiting for the storm to pass. It’s about learning to dance in the rain.”
As you may know, we also manage bespoke investment portfolios for private clients internationally. We would be delighted to help you, too. Because of the current heightened market volatility we are offering a completely free financial review, with no strings attached, to see if our value-oriented approach might benefit your portfolio -with no obligation at all:
Tim Price is co-manager of the VT Price Value Portfolio and author of ‘Investing through the Looking Glass: a rational guide to irrational financial markets’. You can access a full archive of these weekly investment commentaries here. You can listen to our regular ‘State of the Markets’ podcasts, with Paul Rodriguez of ThinkTrading.com, here. Email us: email@example.com
Price Value Partners manage investment portfolios for private clients. We also manage the VT Price Value Portfolio, an unconstrained global fund investing in Benjamin Graham-style value stocks.
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