Stories and Facts
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Stories and Facts Barry Ritholz shared a thought provoking article over the weekend: Curse of the Narrative: Everybody Loves a Good Story I thought this quote was especially interesting: He is right: None of those things has come to pass. Even worse, the fear traders have missed a 150 percent rally to all-time highs in the U.S. stock markets. While sell-offs are painful, over the long haul they tend to be temporary. The mathematics of asset class mean reversion is inescapable. Stocks will eventually recover, but if you fail to participate in a generational rally of this magnitude, it can set back your retirement by as much as seven years. I think that's a hard thing to accept, when it almost seems like things are a little too high lately. A good perspective on where growth is going to come from in the future is important to identifying companies whose fundamental growth may be strongest. If you are interested in the areas of the economy that are expected to grow going forward, here is an interesting graphic: Game Changers That Could Substantially Raise US GDP by 2020 They might be the areas for your investment club to be looking for investments. The full report was done by the McKinsey Institute. It is very interesting reading and can be found here: Game Changers: Five Opportunities for US Growth and Renewal Laurie Frederiksen
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