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One privilege among many of working @Hedgeye is ready access to vast reservoirs of data, including those needed to ponder sensibly a key quandary confronting stewards of long-term capital. Herewith a data-laden 🧵that sheds potentially useful light on this quandary.
@Hedgeye The quandary: given the huge opportunity costs of missing stocks' "best" days, it seems perilous at best for stewards of long-term capital to exit the stock market—materially or wholly—with the aim of re-entering when stocks' expected returns have risen to more attractive levels.
@Hedgeye Make no mistake: such opportunity costs have been huge historically.
