The Paradox of Wealth

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Financial Analysts Journal
September/October 2013 | Vol. 69 | No. 5 | 8 pages
Source: CFA Institute
William J. Bernstein

US$0.00 Member | US$0.00 Candidate | US$15.00 Nonmember



A recent FAJ article by Laurence Siegel painted a sunny picture of the world’s economic and environmental future. Although the author agrees with Siegel’s analysis, his optimism does not extend to security returns; both theory and long-run empirical data support the notion that economic growth lowers security returns by reducing impatience for consumption and altering the supply–demand dynamics of capital—the price of living in an increasingly prosperous, safe, healthy, and intellectually gratifying world.

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  • Economics:
    • Economic Growth and Development
    • ·
    • Market Forces of Supply and Demand
    • ·
    • Relationship of Economic Activity to the Investment Process
  • Equity Investments:
    • Equity Market Valuation and Return Analysis
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