Chris Dietrich
speaker
73 appearances
1 recordings
1 series
first heard Oct 2017
last heard Oct 2017
Chris Dietrich’s voice in public audio — every appearance, attributed to the second.
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Appearances
And keep in mind, that's very unusual, right?
I mean, stocks are inherently risky.
And traditional thinking is that the greater risk you take, the greater potential for reward and vice versa.
That's why typically it makes sense to have a mixed portfolio of stocks and bonds.
This past year, though, just owning stocks has been incredibly challenging.
To the point that it admittedly worries many people that you can be lulled into complacency.
Of course, owning stocks is risky.
Of course, stocks can go down.
And I think that's why this measure is so interesting over the past year.
They simply have not gone down.
Right.
So for decades, this is sort of the holy grail of investing and has been the aim of things like Yale's endowment or many hedge funds on the street is to get maximum return for very low risk investments.
That's why things are diversified.
That's what really hedge funds have tried to do.
But in a funny way, this Dow Jones Industrial Average that's been around since before 1900 is almost acting as if it's the best sort of hedge fund of all.
Right.
And it has cropped up in the 50s and again in the 90s, kind of as the tech bubble was percolating.
But it doesn't last long.
And this is just one of many sort of obscure measures in the market this year that are just highly unusual.
And depending on how you look at it, perhaps indicative of maybe complacent markets, markets where volatility really can only go up from here and potentially that could make it riskier to own stocks.
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