Comments (2)

  1. “As a result, the world is leveraged
    long, holding assets that have low real and nominal expected returns that are also providing
    historically low returns relative to cash returns.”

    The world is 100% long on net every day and night. Liabilities net to zero. How can the world be “Leveraged long?” Are you saying strong hands disproportionately hold cash while, weak hands disproportionately hold risky assets?

    (Note: Strong hands have more flexibility, weak hands have less…)

  2. Pedro LAPRESA BASTIDA says:

    Very good, thanks.
    pedro.

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