On the impact of indices and passive investment - and flows generally - on security pricing, plus a little bit on the opportunity in value, and specifically what we are seeing in Europe.
Spotify
https://open.spotify.com/episode/563bLe2FkcOh0ILQhtVlob?si=3fa2629a28134609…
Apple
https://podcasts.apple.com/us/podcast/the-compound-show-with-downtown-josh-brown/id1456467014?i=1000648981478…
FOOTNOTES
DISCLAIMER
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Stock Market History, Illuminated, 2022 Style
I’ve been keeping a graphic of the long-term performance of the US stock market for many years now, and I’ve been sharing this information in the histogram below. I think it does a reasonable job of revealing how long-term returns are manufactured and the tilts over time. I’ve color-chunked the data by decade to highlight decades of historical weakness as well as periods of strength. I’ve also added additional tables and charts which I think are interesting, and in some cases, stunning.
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