• Estimating Future Stock Returns, December 2017 Update

    15 days ago - By Aleph Blog

    The future return keeps getting lower, as the market goes higher ================= Jeff Bezos has a saying, “Your margin is my opportunity.” He has found ways to eat the businesses of others by providing the same goods and services at a lower cost. Now, that makes Amazon more productive and others less productive. The same is true of other internet-related businesses like Google, Netflix, etc. And, there is a slight net benefit to the economy from the creative destruction. Old capital gets recycled. Malls that are no longer so useful serve lower-margin businesses for locals, become homes...
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