The market boomed again in 2024 for the second year in a row. 2022 seems like ages ago, the last bad year for the markets. I wrote then about how bad it was in aggregate because 2022 was the first year that both stocks and bonds were down double-digits (typically bonds rise when stocks fall).

In 20...

This is part II of “What We Are Doing in A Likely Low Future Returns.” You can read that here.

In part I of this memo, I detailed how current valuations suggest that future returns will be downright terrible. Goldman Sachs recently updated their projections, which suggest only 3% nominal returns pe...