Comments (3)

  1. w. swanson says:

    With respect to the chart of household financial assets as a percent of disposable personal income, i wonder what it would look like if you excluded the assets and income of the wealthiest 1% (or even the wealthiest 0.1%)? could it be that the majority of the population has so little in financial assets, and the wealthiest have so much, that each group thinks a market decline will have little impact on their lifestyles? if so, they can afford, for a while, to ignore valuations.

  2. I totally agree with you. I would like to be on your
    distribution list. Thank you for a very well informed
    letter.

    1. Michael Johnston says:

      Hi Thomas – Thanks for your response! We’ve added you to our distribution list.

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