One way to see what asset class to invest in is to start with what not to invest in, with what is obviously overvalued, and then to work backward or sideways to see other assets in a new light. Sometimes it is easier to see what is ridiculously overvalued than to see the potential, often obscured, of what is undervalued. In any case, to know what to avoid is to win half the battle. Asset classes such as real estate, bonds, stocks and commodities are distinct but connected by, inter alia, the flow of money in and out of them. If one is puffed up by excessive optimism, there is usually an...
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