High-yield spreads are not the only arrow in the…

High-yield spreads are not the only arrow in the quiver for predicting expected returns, however. Growth isn't the only thing that matters to returns in financial assets. Inflation is also very important.

— from Decisions & Choices (Decision/Choice/Focus/Forethought/Consequences) · Humble Investor: How to Find a Winning Edge in a Surprising World by Daniel Rasmussen

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