Sunday, November 22, 2009

The Absolute Return Letter September 2009

It is not universally appreciated, but the last 25-30 years have, in general, been staggeringly good to most investors. Technology induced productivity enhancements combined with favourable demographic trends, minimal government involvement, accommodating labour unions and the globalisation of international trade have all contributed to a benign inflationary environment and strong economic growth, leading to arguably the biggest bull market of all times in both bonds and equities.