Where we might part ways is in other risk assets. There are areas of the global stock market that — even after this huge rally — are still priced for positive long-term returns. In specific, developed intl value stocks are priced for returns that are slightly under the average stock returns — not great but ok. Emerging value stocks are priced for substantially higher than normal returns.
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So here is where I get confused.
I’m pretty sure I’ve heard you say, Rich, that one shouldn’t try and time the market but should invest for the long term as in decades.
But the above sounds like you’re advocating investing in those areas that, at the present time, give the best chance for above average returns.
