Kompletní komentář „Pushing Extremes“ naleznete ZDE.

„The one reality that you can never change is that a higher-priced asset will produce a lower return than a lower-priced asset. You can’t have your cake and eat it. You can enjoy it now, or you can enjoy it steadily in the distant future, but not both – and the price we pay for having this market go higher and higher is a lower 10-year return from the peak.“

Jeremy Grantham, CNBC, November 12, 2020

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