- At the end of 2019, had we been told that a two-year pandemic was about to begin, we would have found it impossible to predict the set of returns that followed in subsequent years.
- Historically, “tightening,” or “over-tightening,” policy was about corralling excessive credit growth (demand that was fueled by credit).
- The yields available in U.S. and European credit are not terribly far from being able to reach that 3% to 5% target, especially if one is willing to dip into high yield segments.
For further details see:
Making Money When They Stop Making Money