Earning the return

William Priest et al | Epoch Investment Partners | 30 April 2012

“A bubble involves the purchase of an asset, usually real estate or a security, not because of the rate of return on the investment but in anticipation that the asset or security can be sold to someone else at an even higher price.” – Charles Kindleberger

Fool me once, shame on you. Fool me twice, shame on me. Fool me thrice...? The past fifteen years have been witness to the euphoric inflation and violent bursting of two asset bubbles in the United States — the new...