Exhuming Keynes is not enough
My last post on Slugger, which mapped three decades of slowing growth in the US was met with the response that I must be a Keynsian. I’m not. Actually I’m not an ‘anyone-ian’ but my views are more complicated than I have previously outlined on Slugger. Many of the things people believe about markets are actually not true. For example, 90 per cent of investment expenditures are drawn from operating profits, not stock. As a result of takeovers and buybacks …