Via Louis-Vincent Gave of GK Research (A Gavekal Company), Lemmings And The Quandary of Negative Real Rates For most portfolio managers, investable assets can be thought of as sitting somewhere on the risk-return curve shown below. Of course, depending on valuations at a particular point in time, positioning in the economic cycle, or overall geopolitical risks, some of the relative positions may change. But over long periods, investable assets have tended to display the risk-reward characteristics highlighted by the efficient frontier below. Now in recent decades, investors could assume ... Read More