I’ve always thought the number one rule of investing was return on investment is highest when capital is scarce. In other words, one should want to be the lone banker in a town with a thousand borrowers. An overwhelming demand for capital relative to the supply of capital implies that lenders set lending rates atRead More
Investors have been spoiled by the trend in falling long-term interest rates over the past 40 years, and have only occasionally had to worry about equity strategies for a rising rate environment.