"The more debt you have, the narrower the range of outcomes you can survive."
“Looking at the US Fed and using the tortoise and the hare analogy, it seems that the Fed is the hare of central banks. The various Fed governors have seemingly indicated that interest rates will get to the neutral rate faster than previously suggested. So, in essence, they communicated that the destination for interest rates is unchanged. However, the Fed has hit the accelerator in terms of interest rate cuts in order to get there sooner.”
“You may sell assets (in a downturn) at prices that are really low, and that’s fine for you because you now feel secure. Academics deny that people harbour those feelings. That’s the essence of the debate. Value investors take advantage of those feelings.”
“Emerging markets are no longer dancing to China’s tune, and the opportunities they offer deserve to be viewed the same way as their competitor companies in the developed world.”