While we’re all digesting the passage of a tax bill that the Senate couldn’t possibly have had time to fully read and understand, I will recommend some stuff to get your mind off the charade that has become American politics:
- Great piece here by Jake at Econompic showing that volatility is at a historic low. Expect future returns to be a lot more bumpy.
- Goldman Sachs is warning that valuations are the highest they’ve been since 1900. This does not bode well for future returns.
- Cliff Asness has a new paper on deep value. Go give it a read.