In April of 2018, Rob Arnott, Shane Sheppard and I published an article entitled, Yes, It’s a Bubble, So What?. Given the turbulence of the intervening fifteen months, and to hold our feet to the fire, we felt a follow-up was in order (Bubble, Bubble, Toil and Trouble). For perspective, both articles are available for download and comparison. To summarize very briefly, we continue to believe that at current nose-bleed levels for stock prices, bubbles abound. But that does not mean there are no opportunities for conservative buy and hold investors. Download the articles and decide for yourself.
July 11, 2019