DXYZ: An Old Form of Ignorance
Cole Smead
Smead Capital Management
April 24, 2024
Many investors are bullish, or not fearful, of the future of stock returns. At Smead Capital Management, we continue to explain to our investors how poor the outcomes will be. Some ask when this view will change. To quote Keynes, “When the facts change, I change my mind. What do you do, sir?” The facts are not changing. Instead, we continue to find mountain evidence of the danger present. In this piece, we will explain an analogous instance from the past. [...]
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