Bob Pozen
speaker
286 appearances
1 recordings
1 series
first heard Jul 2026
last heard 30 Jul
Bob Pozen’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
Now we're going to have to redo that every year.
That's going to create a lot of uncertainty.
And uncertainty is bad for productivity because companies will not put the capital into productivity enhancing machines and software if they're not sure about what's going to happen.
And we don't know.
The only thing we know is that the supply chains will be significantly less efficient this year and in five years than they used to be five or 10 years ago.
That's a loss of productivity that we're going to have to make up.
Yeah.
So think about inflation in terms of stocks and bonds.
The good news about stocks is companies can, successful companies can increase their prices
and can constrain their costs so they can increase their earnings.
If companies increase their earnings and multiples stay the same, then over time, their stock prices are going to rise.
You can prove this by a long-term chart.
Not individual companies, but you hold the whole index.
And so the earnings of the companies in the index will increase, and that will help them
deal with inflation.
Now, by contrast, what happens with bonds?
What happens with bonds is inflation is a direct hit against bonds.
It makes the real yield in bonds go down, and there's not an easy way to make up for that.
Now, you can have tips, so tips are a good way to deal with that, but tips are only appropriate in a tax-free vehicle
like a traditional 401k plan, not a Roth, because they create income without taxation.
Showing 201–220 of 286 · page 11 of 15
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