While our present view of probabilities going forward has us exploiting what we believe to be truly viable opportunities, we recognize the uniqueness, and immense challenge inherent in what's about to unfold. And we do not envy the new investor who is just now entering the fray, with uber-high expectations.
The great Jeremy Grantham said it best a few days ago:
"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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