Joachim Klement – Stocks in the long run… are still risky (The Best Investment Writing Volume 6)
Today’s episode features Joachim Klement reading his piece, Stocks in the long run… are still risky. Joachim is a trustee of the CFA Institute Research Foundation and offers regular commentary at Klement on Investing. Previously, he was CIO at Wellershoff & Partners Ltd., and before that, head of the UBS Wealth Management Strategic Research team and head of equity strategy for UBS Wealth Management. The Best Investment Writing series features top research pieces that we’ve shared via The Idea Farm in the past year.
Key Points
- The long-held belief that stocks become less risky over long investment horizons is overly optimistic, as even after 30 years, there is still a 12% chance of negative real returns.
- The perceived safety of stock investments in the United States and the UK is largely due to these countries' historical avoidance of home territory wars, political stability, and sound monetary policies.
- Investors should recognize that the exceptional historical performance of US and UK stock markets may not be indicative of future outcomes, as the contributing factors to this success are not guaranteed to persist.
Subscribe here so you get these sent to you each week: https://theideafarm.us1.list-manage.com/subscribe?u=6750faf5c6091bc898da154ff&id=ac58d173d8 Check out the past series of The Best Investment Writing below: Volume 5: https://mebfaber.com/2021/12/27/biw5/ Volume 4: https://mebfaber.com/2021/01/04/the-best-investment-writing-volume-4-selected-writing-from-prominent-investors-and-authors/ Volume 3: https://mebfaber.com/2020/01/06/the-best-investment-writing-volume-3-selected-writing-from-prominent-investors-and-authors/ Volume 2: https://amzn.to/3O4QyY9 Volume 1: https://amzn.to/3z6rcEZ
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Twitter: https://twitter.com/JoachimKlement Read Joachim's piece here: https://klementoninvesting.substack.com/p/stocks-in-the-long-run-are-still
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For detailed show notes, click here: https://mebfaber.com/2022/08/24/biwv6-joachim-klement/
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Sponsors:
Today’s episode is sponsored by Stream by AlphaSense. Stream is an expert transcript library used by people just like you to quickly perform preliminary diligence on new ideas related to their target companies in the tech, media, telecom, healthcare, consumer and industrial sectors; avoiding the time, hassle, and cost of traditional expert network calls. With over 15,000 on-demand expert call interviews, 100+ new transcripts added each day, AI smart search technology, and 70% of our experts unique to our network, it's no wonder the world's leading financial firms choose Stream.
Sponsor dollars for the entire Best Investment Writing series are being donated to the charity of the guest’s choice. Today’s sponsor dollars are being donated to the Vincentian Society for the Prevention of Cruelty against Animals (VSPCA) on behalf of Joachim Klement.
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Transcript
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