John Maynard Keynes, an English economist and author, has been held in high esteem for several decades thanks to his groundbreaking work in economics in the early 20th century. The theory he popularized in an attempt to better understand the Great Depression, aptly named Keynesian theory, revolutionized demand-side economic policy at the time.
Evolutions in telecom are like clockwork: once a decade something extremely important happens. In the 1980s, the first nationwide mobile network operators (MNOs) appeared (think AT&T and the predecessors to Verizon, Sprint and T-Mobile). In the 1990s, GSM (Global System for Mobile communications) rolled out as a standard that became like the Bible for the industry. At the turn of the century, 3G was the new rage and, about ten years after that, 4G/LTE opened the floodgates for transmitting large quantities of data.
Over the last decade, many investment professionals have been tested by two simultaneously occurring phenomena: the rise of passive investing and the stronger performance of growth stocks relative to value.
At the beginning of 2018, we initiated a new EVA series titled “Bubble 3.0” with excerpts from David Hay’s upcoming book titled “Bubble 3.0: How Central Banks Created the Next Financial Crisis”.
Even the most casual financial observer is aware that the U.S. stock market has been roaring for a very long time. The market made history in August 2018 when, at 3,500 days, it became the longest running bull market on record, up roughly 300 percent from the depths of the financial crisis.