It appears not. On that score there is a great quote from Jeremy Grantham, which I really love — When he was asked what people would learn from the whole financial crisis, Jeremy said, “In the short term a lot, in the medium term a little, in the long term, nothing at all. That would be historical precedent.”
But I think what has surprised us all is how incredibly short the long term proved to be. It is just breathtaking to me how quickly we’ve gone back into this — what I describe as kind of a fois gras [sic] bubble environment.
A fois gras bubble [sic]?
Yes, because we’re all being force fed risk assets. It’s an unpleasant experience, when you’re playing goose to the central bank’s farmer. It’s just not fair. It’s a really odd situation to find yourself in, and to know how to deal with it is one of the real challenges. I have even described this as the toughest time in which to be an asset allocator — primarily because nothing is cheap.