The Blue Sheets: Meeting The Challenge - Finding safe returns in a slow-growth, low interest-rate world
The Investor's Challenge
So here's the modern American investor's challenge in a nutshell:
Broadly speaking, both stocks and bonds are quite expensive by most historical metrics: they are valued at the high end of the range that they enjoyed when expectations for economic growth were twice our current reality.
If world growth picks up as some hope, today's stock prices may be appropriate; not cheap, but reasonable. But if world economic growth doesn't accelerate...and there are headwinds aplenty...securities prices could be in for an unpleasant adjustment at some point.
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