We have been getting a little short-term focused in recent missives. We apologize for this short-coming. We really need to think and act long-term all of the time. What does it mean to think and act long-term? Well, not everyone has the same idea about that, but here is ours: don’t worry about the short-term outlook, worry about meeting long-term goals. No one is going to meet their long-term goals by sitting in cash, especially at 0.10% yields. Very few people are going to meet their long-term goals by buying bonds with coupons of 3%, especially when you have to pay a premium to get them. The math just doesn’t work that way. The only way for anyone with a long-term return requirement of 6% or 7% is going to meet that goal is by owning stocks, real estate and commodities most of the time. Read more