Building Runways for Planes That May Not Return
[…] We are not bears on America, or on the capacity of markets to generate wealth over time. We are optimists about the arc of human enterprise, the ingenuity of capital markets, and the compounding power of patient ownership in exceptional businesses. We are not optimists about the near term, not because we enjoy that position, but because the evidence requires it. We believe the most likely outcome is not a catastrophe but a prolonged period of flat to modestly negative real returns for the passive index investor.
April 23, 2026
