Jason Zweig
speaker
906 appearances
17 recordings
1 series
first heard Jan 2018
last heard Sep 2022
Jason Zweig’s voice in public audio — every appearance, attributed to the second.
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Appearances
I mean, US stocks, if I remember right, were valued at something like 44 times their inflation-adjusted average 10-year earnings.
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It's just the highest level of valuation since
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the late 1920s.
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And Robert Shiller, an economist at Yale who later won the Nobel Prize, pointed out how overvalued stocks were.
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It wasn't obvious to everybody at the time, but the numbers were there.
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That's a clear turning point.
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But even in the financial crisis of 2008 and 2009, stocks did not reach the kinds of lows they did in 1974 and in 1982.
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The average PE on US stocks never fell as low as it had in previous crashes.
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And a lot of people were waiting for that historic low point to be matched or exceeded.
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and stood back and missed much or all of the recovery as a result.
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I think every investor in U.S.
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equities should be fully prepared to lose 50% of your money at any given time.
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If you're not, you probably own too much stock for your own good and you probably have unrealistic expectations.
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The other thing is if you do have a strong conviction that stocks are overvalued based on the enthusiasm you see other people displaying,
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then you could sort of shade or reduce your exposure to the equity market.
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But going either all in at the peak or all out at the bottom or at any other point going all in or all out,
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is a pretty risky bet because most of the time those all-in and all-out bets will be proven wrong.
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I'm J.R.
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Yeah, that's correct.
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There's a new fund that came out in January called Wealthfront Risk Parity Fund.
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Showing 801–820 of 906 · page 41 of 46
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