"A 60:40 allocation to passive long-only equities and bonds has been a great proposition for the last 35 years …We are profoundly worried that this could be a risky allocation over the next 10." - Sanford C. Bernstein & Company Analysts (January 2017)
“Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria” - Sir John Templeton
“Life and investing are long ballgames.” - Julian Robertson
Introduction
As a market historian and a professional investor for over two decades, I believe we reached important secular turning points in 2016,