Category Archives: RQL – Investing

#MacroView: Bear Markets Matter More Than You Think (Part-2)

Written by Lance Roberts | May 28, 2021

In part-1, we discussed the differences between a “correction” and a “bear market.” But what is often missed by mainstream analysis is the long-term damage done to investor’s financial outcomes. Bear markets matter more than you think.

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Low Future Returns Requires A “Real” Bear Market

Written by Lance Roberts | Apr 26, 2021

When discussing valuations it is assumed the “low future returns” means low returns each year. Looking at market cycles we discover that low future returns are caused by nasty bear markets caused by market excesses.

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Technically Speaking: The 4-Phases Of A Full-Market Cycle

Written by Lance Roberts | Apr 7, 2020

Throughout history, bull market cycles make up on one-half of the “full market” cycle. During every “bull market” cycle, the market and economy build up excesses which must ultimately be reversed through a market reversion and economic recession. In the other words, “What goes up, must come down.” 

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Earnings Lies & Why Munger Says “EBITDA is Bull S***”

Written by Lance Roberts | Feb 24, 2020

In a world of adjusted earnings, where every company is way above average, every quarter, investors quickly lose sight of what matters most in investing. “Price is what you pay, value is what you get.” – Warren BuffettImaginary worlds are nice, it’s just impossible to live there.

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After A Decade, Investors Are Finally Back to Even

Written by Lance Roberts | Feb 17, 2020

After the longest bull market in history, investors who were betting on 6% annual rates of return to meet their retirement goals, are finally back to breakeven. Unfortunately, they are positioned for another set back.

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