Source: Ludwig von Mises Institute
by Kevin Duffy
“In my opinion, the benign environment of the past 17 years — zero interest rates, US tech dominance, S&P 500 index funds spitting out double-digit returns like a broken candy machine — is over. Interest rates one can actually see, the emergence of Chinese innovation, decline of the US dollar, and soaring precious metals prices have changed the investment game permanently. There is no going back. Yet most investors long for the past. Can you blame them? As a result, the current landscape is full of finches with abnormally long beaks.” (02/16/26)