Stability Doesn’t Alleviate Dangerous Outcomes The Changing Environment for Active and Passive Investors

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We're avid followers of the Austrian school economists, who have done an excellent job of explaining economic cycles and how the expansion of credit leads to overinvestment, bubbles and then crashes. That thinking kept us out of financial stocks over the past few years, because we believed there was a credit bubble in the U.S., Spain and elsewhere.
Source: http://www.valueinvestorinsight.com/