Are you alarmed at how quickly asset prices have increased? Do you have too much exposure to overvalued assets like US stocks? And since asset prices cannot increase forever, are you nervous that you’ll eventually be left holding large losses?
In this article, we’ll first discuss how asset price inflation differs from consumer price inflation.
Then, we’ll offer solutions to consider for these times of asset inflation, including valuation metrics that can help guide your investment decisions. We also include two examples of assets that are still undervalued.
We’ll conclude with a solution that can give you both a nice entry price and a favorable, 100% legal way to save on capital gains taxes. This way, you can take greater charge of your investments and sleep a little better, knowing that no matter what’s ahead for markets, you can still thrive.
You can skip down to the solutions section by clicking below.
This asset class is not yet inflated to ridiculous valuations;
Please note: This should not be considered personal tax or financial advice. We are not financial advisors, and the below content is intended for informational purposes only. Consult with a trusted financial professional to determine how you can best allocate capital, take advantage of your current capital gains, and stay 100% in compliance with all the relevant tax laws.
“Buy land, they’re not making it anymore.”
— Mark Twain
Mark Twain was right.
There’s only a finite amount of goods and services in any economy. Only so much property is available; only so many loaves of bread are baked.
And a stable supply of goods and services characterizes good times.
There were also various periods in history — like the one we’re living through right now — in which there were far less goods and services.
This situation could result from the destruction of economies due to natural disasters or wars… or due to COVID restrictions, lockdowns and all the resulting, unintended consequences that are currently playing out before our eyes.
As we have previously discussed, inflation is simply too much money chasing too few goods and services.
Your trips to the grocery store cost more. Your gas costs more. Nearly EVERYTHING costs more.
But there’s another component of inflation: ASSET price inflation…
How central bankers muck up economies, consumer prices and asset prices
An economy’s single most important price is the rate of interest.
The rate of interest is the price of money.
In a pure market economy, interest rates respond to the economy’s aggregate amount of savings. (When more savings are available — because individuals save, rather than spend, this situation causes interest rates to fall. But when less savings are available, because individuals have opted to spend, this situation causes interest rates to rise.)
Interest rates ultimately guide the overall allocation of investment spending versus consumer spending.
If interest rates are low, that spurs entrepreneurs to borrow money for new projects (which are often long-term and capital-intensive), or to expand their existing businesses. But when interest rates rise, entrepreneurs are not as willing to launch new projects and expansions.
Again, that’s how interest rates are supposed to work and be moderated — based on the amount of savings in an economy.
But economies with central banks operate differently.
Savings are NOT in charge. No — the central bankers are in charge of setting short-term interest rates. (And when central banks engage in money printing, aka “Quantitative Easing,” they in part control interest rates on longer-dated securities such as the 10-year Treasury note and 30-year Treasury bond. Click here to learn more about “Quantitative Easing.”)
That’s an enormous amount of power to give a small group of people. They don’t operate in the same physical world as entrepreneurs, who must use finite resources to produce the “stuff” that consumers demand.
No, central bankers just decree that money is instantly created… as if that produces any additional prosperity. In fact, when the Fed comes in with their giant brick of cash, it mucks up the economy. There’s more money, but the same amount of stuff. That means prices for nearly all items — consumer goods and services AND assets — will rise.
For more details on how the Fed operates, you can check out our original report on inflation.
Consumer price inflation reveals itself in a number of ways.
You see it in the university tuition check that you just wrote for your son or daughter. And even though you’re buying the same items at the grocery store, your receipt is substantially higher compared to one a year ago.
There’s also the concept of value deflation or shrinkflation. Products may remain at the same price. But to hide the inflation, the product size shrinks.
Whatever the good or service, you feel what’s going on: Your budget is being squeezed. Your currency is losing purchasing power… all because of consumer price inflation.
But there are other types of inflation…
Asset price inflation is seen when asset prices increase across the board.
Sure, the valuation of an individual company could jump because its earnings have increased. Company valuations across an entire industry could even increase because consumers have redirected their spending and the industry benefits.
But widespread asset price inflation is different.
In this case, no additional value has been created. Rather, there’s simply more money in the system, which bids up the prices of the limited stock of assets.
For example, take housing. Depending on which US housing data you examine, the data will vary a bit.
Still, the overall picture shows much higher prices. According to a recent report from Zillow, its home value index revealed a 13.2% year-over-year increase. Meanwhile, according to the National Association of Realtors, the average US home’s price increased 24% year-over-year.
And that’s just the aggregation of all markets. Check out the year-over-year home price increases in Salt Lake City (20.6%), Phoenix (23.5%) and Austin (30.5%).
In the Boise, Idaho metro area, as we recently documented, home prices increased by nearly 50% year-over-year!
Aside from housing, it’s hard to miss the stratospheric rise in the stock market since the lows of March 2020. As we prepare this report for virtual press (data available through the end of July 2021), all three of the major US stock market indices — the Dow Jones, S&P 500, and NASDAQ — have posted gains of 82%, 91% and 113%, respectively.
Financial institutions, in part, pushed up these stock market prices. But individual investors got in on the action, too. In fact, individuals eager for outsized returns opened over 10 million new brokerage accounts in 2020.
Let’s be clear: We’re not calling for a top in the stock market. But with so many new investors — or more accurately, speculators — entering the ring, this certainly should give you pause to reflect and think about the risks. How many of these individuals will panic sell at the first sign of trouble in financial markets?
And how many of these individuals are educated about financial markets to begin with?
“Ignorance more frequently begets confidence than does knowledge.”
— Charles Darwin
In financial markets, there’s a lot you cannot control.
But you can control two things:
These two points are highly correlated.
Generally, the lower your level of financial knowledge, the more you’ll be apt to overpay for a financial asset.
And the higher your level of financial knowledge, the more likely you’ll be acutely in tune with the price. In other words, you’d likely have conducted your own due diligence, and you’d understand that the price you’re paying is, ideally, less than the asset’s value.
We’re here to help boost your financial knowledge, which will likely lead to better decision-making and better investment returns…
As we alluded to in that Darwin quote above, there’s a cognitive bias known as the Dunning-Kruger effect.
These two researchers — David Dunning and Justin Kruger — found that people who are uninformed or incapable will far overestimate their knowledge or ability. Also, those individuals who fall prey to the Dunning-Kruger effect tend to not respect those who are actually more informed or capable.
So, we’ll encourage you to take note of what you know… and what you don’t.
We won’t attempt to provide a comprehensive financial education here; that’s far beyond the scope of this article. But we can at least provide a brief overview of financial market trends, and maybe even offer something that you don’t know.
First, as to trends…
Back in the 1960s, General Motors (GM) was the largest company in the world. But due to a changing economy, competitors, technology, and competitors’ innovation, six decades later, GM is now a shadow of its former self.
Trends develop, peak and then subside.
New companies like Tesla arise to take the place of former giants like GM. And capital flocks to these innovative companies that best serve customers or fellow businesses, and offer investors a decent return… That is, until the next trend comes along and displaces the current kings of the market.
This brings us to point number two: investors’ fixation on price.
All along this journey, from when a company takes advantage of a trend and is publicly offered for trading (i.e. it IPOs) to when the trend subsides and the business declines, investors are on a ride.
Some investors become enamored with the daily share price movements. This is a psychological phenomenon… a trying and dangerous one, in our opinion. All those brain chemicals fire, and people go through fits of euphoria and depression, all from watching the stock ticker go up and down all day.
But those daily adjustments are merely the market (i.e. the aggregation of other traders and investors) offering their opinion of the company’s price.
And point number three: Most stock trading these days is not performed by humans.
Algorithms account for 70-80% of trading in US financial markets.
If you’re day trading stocks, you’re trading against lines of code, programmed by armies of software engineers and backed up by research analysts and millions or even billions of dollars of capital. Experienced traders can be successful in this environment; most amateurs cannot.
In addition to algorithms, passive index funds dominate today’s markets.
As the name suggests, passive index funds follow an index like the Dow Jones or S&P 500… regardless of price. If a fund receives money from an investor, there’s no price discrimination or valuation stopping them. Instead, the fund must execute a buy order.
The Federal Reserve can conjure currency out of thin air, but once this currency is in the hands of individual investors, there are only 500 companies in the S&P 500 to choose from. (Hence, there are only 500 companies for passive index funds to indiscriminately invest in.)
With a limited supply of companies and currency flowing from the Fed’s spigots, it’s no surprise that stock prices are elevated.
Understand that financial markets are increasingly driven by the Fed.
The Fed has an agenda. To pretend that they’re independent is like saying that the banks are as well. There’s a reason why no banking executive has been prosecuted.
Also, banks have a cozy relationship with the government. And the Fed is an extension of this relationship.
This is nothing new.
President Richard Nixon and Fed President Arthur Burns manipulated interest rates to help Nixon’s 1972 Presidential election prospects. Burns was the guy who oversaw annual price inflation of over 10% and did nothing about it.
But today, with governments addicted to debt and the Fed on standby to buy this debt, this cozy relationship is even worse than decades ago.
When the Fed accommodates the government’s trillion dollar spending plans, by printing more money and lowering interest rates, all this liquidity enters the stock market. Stock prices increase even when there’s no change in companies’ performance.
Coca-Cola is a good example. Coke peaked a decade ago. Since then, revenue has been lower, earnings are lower, debt is higher, and the interest expense on debt is higher. Any rational person would view this before/after picture and assume that the share price must have tanked.
But Coke’s share price is higher.
Who would pay for these types of valuations in a business that’s declining?
An important question to ask yourself before buying a single share of stock
When you’re buying stocks, you’re buying shares of a business.
But instead of only thinking about your purchase of 100 or 1,000 shares, you might want to consider the purchase from a different angle: As if you were buying 100% of the company’s shares.
Ask yourself, “If I could buy this entire company, would I want to proceed?”
If the answer is no, you might want to reconsider your decision.
If the answer is I don’t know, then the same also applies. You might not have enough information.
At the end of the day, what matters is whether it’s a great business or not.
Once you have the necessary financial knowledge, your work is still far from over.
Next step: apply your knowledge to find promising, undervalued investments.
When we refer to an investment as “undervalued”, “cheap”, “expensive” or “overvalued,” we mean in relation to another metric.
For example, when Tim Staermose, Sovereign Research’s Chief Investment Strategist, is not managing money for high-net worth clients, he scours the world’s financial markets for stocks that are trading for less than their net cash value.
(He presents these opportunities in our investment newsletter, The 4th Pillar.)
In other words, that means these companies’ entire market capitalizations are worth less than the cash on their balance sheets.
These types of deals would never occur in a private transaction. If you were selling your business, you would demand a multiple of sales or earnings, stuff any cash balance into your pockets, and then sell the business.
But these types of deals — where, aside from the cash, you can acquire the remainder of a company’s assets for FREE — exist, and are sometimes overlooked in publicly traded markets.
If you can spot this type of opportunity, ensure that the business is sound, confirm that they have a great management team who are incentivized as owners (right alongside ordinary shareholders), and then remain PATIENT for the share price to correct to fair market value, then you have a low-risk profit opportunity.
Other opportunities to profit can result from examining a company’s income statement.
The Price Earnings (P/E) ratio is a popular valuation tool. This metric reveals the number of dollars you’re paying for every $1 of a company’s earnings.
Since the late 1800s, the median P/E ratio has been 14.85. So, investors were willing to pay nearly $15 for every $1 of earnings.
But now, the average P/E ratio is 45. (Again, that’s the average P/E ratio for all stocks; in early 2021, when Tesla was all the rage, its P/E multiple climbed to 1,200!)
On average, investors are willing to pay 3X more now than they have in the past.
Why would someone be willing to pay 3X more today? Nothing has changed, other than the trading multiple. They’re still receiving only $1 of earnings, and further, that $1 is not even worth what it was decades ago.
The reason for the higher valuation is because there’s been a tidal wave of bank stimulus — meaning extra money in the system — which pushes up share prices and valuations… at least for the time being.
Over the long-term, P/E ratios of 45 or higher are not sustainable. History points to this fact. This current average P/E level is higher than before the 1929 crash, the 1987 crash and after the 2008 financial crisis, when earnings were depressed.
Aside from P/E, there are other valuation metrics, such as…
A favorite metric of Warren Buffett, the Total Stock Market Capitalization to Gross Domestic Product (GDP) ratio.
(GDP is the aggregate of consumer, investment and government spending, plus net exports. We won’t discuss the merits or shortcomings of GDP at length in this article. But briefly, GDP is an aggregate measure — adding, for example, disparate items like dishwasher sales with military expenditures — that also has estimates and assumptions built-in.
In short, GDP is no panacea to accurately capture the size of an economy.)
This metric indicates how valuable stocks are relative to the size of the economy. GDP is a constraint on the stock market, so the ratio can only grow to a certain extent before a correction occurs.
But let’s be clear: Valuations can defy all logic and be stretched even further. Some analysts justify these high valuations by looking at low bond yields.
Investors’ buying and selling, in part, determines yields on long-dated bonds (i.e. 10-year and 30-year Treasurys). But the Fed still heavily dictates yields, too.
For example, the Fed can buy large amounts of US 10-year Treasurys — the world’s most widely watched government debt instrument — and push yields down to 1% or lower.
To have any chance at beating inflation, an otherwise rational, low-risk Treasury investor might abandon low-yielding government debt for stocks…
That’s because the earnings yield on stocks is the reciprocal of its P/E ratio.
For example, if a company earns $2 in earnings and the price is $100, the P/E is 50. The earnings yield would be 2/100 or 2%.
People will review suppressed Treasury yields at 1% and compare that to the earning yields on that company’s stock at 2%. And again, they’ll dive into stocks.
Nevermind the fact that Treasurys and stocks are different asset classes.
It’s an apples and oranges comparison, like trying to compare bitcoin and apartment buildings. Conflating bitcoin’s high price with the high price of apartment buildings would be ludicrous. Yet, people apply this line of thought to Treasurys and stocks.
Also, choosing between Treasurys and stocks demonstrates an incredible lack of creativity among investment banks, Wall Street and individuals… as if the only two things you can invest in are overpriced stocks or 10-year Treasurys.
Of course, there are other, more lucrative options available…
Warren Buffett, possibly the greatest investor of all-time, says that what he does is not black magic.
He simply asks two questions:
A yes on both means a great deal and Buffett buys.
Buffett became one of the wealthiest people in the world by exercising common sense when making investment decisions.
Contrast what Buffett did with what Mark Zuckerberg of Facebook or Jeff Bezos of Amazon had to do to become billionaires.
Facebook had to grow their base to billions of users. Bezos had to toil for years and build all his technology.
Buffett’s road to billions was not easy by any means, but it was much simpler. He simply had to question whether a company was a great investment at a great price.
Buffett’s approach of investing in great businesses seems like a more simplistic model.
We’re with Buffett. In fact, at Sovereign Research, some of our favorite investments are in businesses or equities.
The etymology of “equity”
Equity comes from a Latin term that referred to a social class.
It has the same root as equine, or horse, in Latin.
The Equitas were horsemen or knights in ancient Rome. Their social status ranked them below the Senate, but above the commoners. They were a landholding class.
And over time, they built great wealth from their asset holdings.
A great business is the economic representation of human potential.
When you assemble fantastic individuals with proven management skills and financial resources, amazing things can happen.
You can’t do that with other asset classes. A bond is fixed income forever. It won’t overperform.
The same goes for real estate. If you’re in a neighborhood where every house is worth $1 million, there’s only so much you can do to increase the market value. You’re severely constrained.
But in a business, there’s virtually no constraint. The only constraint is the level of ingenuity and talent of the people who are inspired to join that business.
Also, productive businesses can be great investments during times of inflation. As currencies depreciate, a business can retain or increase its value.
And during times of deflation, cash is king, and any great business cranks out lots of cash.
As for publicly-traded versus private companies…
You can often find more value in private companies.
(Again, there are some publicly-traded companies that offer even better valuations than private companies; Sovereign Research’s Chief Investment Strategist Tim Staermose features these companies in our newsletter, The 4th Pillar.)
By the time that a company goes public on the stock market, there’s a lot more liquidity and popularity. If you can get in far earlier through a private equity deal, there could be more risks, but you also may have a greater opportunity to profit.
Private equity vs. venture capital, and finding value in companies
Private equity is often conflated with venture capital.
Venture capital deals with startups. Private equity deals with more mature companies, including family-owned companies.
Family-owned companies that have been in the family for generations can put themselves up for sale privately. They might sell for only two or three times earnings, compared to the current average P/E ratio of 45 across publicly-traded companies.
Bottomline: You’ll often find more value in private companies.
Now is a great time to start a business, and programs exist to help you succeed
If you’re concerned about investing in companies with absurd valuations, why not flip the script?
Specifically, why not start your own business, offer something to the world, determine your own valuation, and increase your net worth in the process?
Now’s a great time to do so. We’re living in a post-paradigm world. These eras arise from time to time, but seldom are they this obvious.
The fallout from COVID accelerated trends that were long in motion: an increasingly digital economy, the option to work from home (wherever that may be), the transition from traditional to online retail, etc.
In this era, it’s easier for anybody and everybody to start a business. All the stars are aligned from an entrepreneur’s perspective. And it’s time to think and go big.
Politicians in some countries understand what’s going on.
They realize that to grow their economies, they need to attract businesses and talent.
The Republic of Georgia, for example, has made it very easy to obtain residency, and also offers a very attractive tax regime . Their startup scene has consequently flourished. Also, Lithuania has made it easy to obtain a banking license, which has attracted financial technology (FinTech) companies from all over Europe.
When new businesses are founded, investors, mentors and staff are needed. So, it’s a win-win for all parties. New entrepreneurs have access to mentorship and capital. Mentors and investors have an opportunity to invest in a promising business at a great price.
Startup programs bring together entrepreneurs, mentors and investors.
“Precious metals rise not because of crises but because of the policy responses to those crises.”
— Rick Rule (precious metals and natural resource investing legend)
Four metals fall within the “precious” category: gold, silver, platinum and palladium.
In this article, we’re focusing on gold and silver. At the moment, unlike many other asset classes, these two metals are not historically overvalued.
To be clear, when we say “gold and silver” or “precious metals,” we’re referring to physical coins or bars, and we’ll keep the focus on these.
(You can also gain access to precious metals through physical bullion trusts, exchange-traded funds (ETFs) for both the metals or shares of miners, shares of mining companies directly — both producers, and for sophisticated speculators, the explorers or “junior” mining companies, and options on futures.)
You don’t buy physical precious metals — real, sound money for 5,000 years — to provide a return on investment.
What’s the point in:
Instead, consider your gold and silver holdings as an anti-currency — a form of protective savings that exists outside the conventional monetary system.
You already take protective actions in other areas of your life: home insurance for your house and life insurance for your family.
So why not consider precious metals as a hedge against chaotic times?
Gold and silver are the kind of asset that you own because you want an insurance policy. In other words, you don’t have confidence in the paper currency issued by central bankers and spent liberally by governments.
And there’s a whole lot of that going on right now.
From the Federal Reserve’s founding in 1913 until the 2008 Global Financial Crisis, its balance sheet — all the assets it bought with the money it printed — grew from $0 to about $800 billion.
Then, in the last six years or so, the Fed took its balance sheet from $800 billion to about $4.5 TRILLION.
It took almost 100 years to distribute $800 million — and SIX years to pump out 5.6X that amount.
Then in 2020, after the economy shut down due to COVID, production stalled and tens of millions of people became unemployed, the government and Fed doubled down. The US federal government authorized a $2 TRILLION emergency spending bill.
To resuscitate the economy, the Federal Reserve also went on an asset buying binge.
In just two months, the Fed’s balance sheet grew from just north of $4 trillion to over $7 trillion.
And following Rick Rule’s analysis in the quote above, predictably, gold and silver prices responded accordingly. The government and Fed’s policy response to the crisis (not the crisis itself) fueled sharp increases in gold and silver prices. Gold hit a record high of $2,100 per ounce in August 2020, and in the same timeframe, silver climbed to over $30 per ounce.
Since then, both metals have pulled back.
Again, we don’t remain fixated on precious metals’ prices. We’re not trying to book a paper profit in gold and silver.
Rather, we’re noting the price of gold and silver because now’s a great time to consider trading paper currency for these undervalued metals.
Occasionally, governments will enact legislation that’s favorable for entrepreneurs, employees, real estate developers, residents and investors.
But seldom do all these groups benefit from one piece of legislation.
The 2017 Tax Cuts and Jobs Act is a notable exception. Buried in this legislation’s 1,000+ pages was a brief reference to a new Opportunity Zones program.
The goal was to transform distressed communities or so-called “Opportunity Zones” across America.
And to pull in capital for real estate projects and businesses located in qualifying Opportunity Zones, there was an incentive specified for investors: Tax savings.
Specifically, Opportunity Zone investors receive three benefits:
Benefit #1: Deferral of the original capital gains tax obligation
After selling your appreciated asset, you won’t pay capital gains tax until December 31, 2026, or until you sell your new Opportunity Zone investment (whichever comes first).
Benefit #2: Discount of 10% on the taxable amount of your original capital gains
If you hold your Opportunity Zone investment for five years, the taxable amount of your original capital gain decreases by 10%.
Benefit #3: Elimination of capital gains tax on your Opportunity Zone investment
And finally, if you hold your Opportunity Zone investment for 10 years or more, you will pay NO capital gains tax on any appreciation of your Opportunity Zone investment.
So, with those incentives in place and with the help of governors, policymakers identified nearly 9,000 qualifying Opportunity Zones (including areas in all 50 states and most of Puerto Rico). And in 2018, those designated communities became eligible to receive tax-incentivized investments.
Those incentives plus recent capital gains may give you an excellent opportunity…
If you’re holding capital gains in overvalued assets, consider reallocating a portion of those gains to an Opportunity Zone investment — whether that’s a real estate project or an undervalued, promising business.
You can still receive the 10% discount if you invest in an Opportunity Fund before the end of 2021.
And if you’re investing in an Opportunity Zone-based business, like we mentioned above, why not encourage the company’s founder(s) to go big?
In this post-COVID era, entrepreneurs have the potential to attract talented people from all over the world: software developers based in lower-cost, high-skilled countries like Lithuania, a customer service team based elsewhere that can minimize costs, and a sales and marketing team in yet another location.
If the company has a great business idea and management can execute, you could have some significant long-term capital gains — 100% tax free. Now, that’s a great hedge against inflation.
Combine Opportunity Zones with business startup capital
Please note: This is not tax or investment advice. We suggest that you consult with a tax professional before pursuing this strategy.
Even in this difficult economic environment, there are entrepreneurs starting and growing businesses.
To first lift the business off the ground, these entrepreneurs need startup capital — whether that’s from personal savings, a loan from a financial institution, the Small Business Administration (SBA) in the US, family and/or friends or another source.
One such startup capital source could be your retirement savings.
This 100% legal process is called a Rollover for Business Startups (ROBS).
After you capitalize a new business with existing retirement funds, you create a NEW retirement plan for your business. And that retirement plan will own shares of your company.
To be clear, ROBS is NOT a business or 401(k) loan. It’s a completely separate setup to tap into your retirement savings.
Further, you can combine a ROBS with a business started in an Opportunity Zone.
An individual who sets up a combined ROBS and Opportunity Zone structure would be in trouble. According to an attorney we consulted with, this structure would likely be a self-dealing prohibited transaction.
But there is a way to ensure you’re not in violation of self-dealing prohibited transaction rules.
Sovereign Confidential subscribers: Remember, in an October 2020 Sovereign Confidential Alert, we covered how to set up a ROBS-Opportunity Zone structure. This way, you can receive the front-end benefits of a ROBS (debt-free financing) with the back-end tax benefits of an Opportunity Zone business.
Human beings are programmed to follow the herd.
It’s a remaining trait from when we constantly faced danger thousands of years ago. Those who dared to question the tribe or clan were cast away, and left to fend for themselves.
But today, following the herd can be detrimental.
That’s certainly the case with investing.
If asset prices are stretched far above historical valuations, maybe it’s time to pause and think about redeploying a portion of your capital. Sure, you could miss some further upside in the crowded equity trades.
But what kind of risk are you taking on for an additional 10% or 20% gain?
Perhaps the extra risk is indeed too much for you to stomach. Or maybe the extra risk is irrelevant — you’re the type of investor who doesn’t mind the potential downside, because the upside outweighs it, based on your analysis.
Whichever camp you fall into, any successful investor must know their comfort level with risk. And they should be acutely aware of what they do and do not know.
As for us, we don’t know what’s ahead for asset prices. Nor do we attempt to forecast markets.
We do, however, take note of major trends and think years ahead.
And we take advantage of the differences between value and price for certain assets. Now — when nearly every asset class is at or near all-time highs — is a time to consider adding physical precious metals to your portfolio.
And it’s always a good time to think about investing in a great private business.
Also, you can consider 100% legal tax strategies like Opportunity Zones — an opportunity to invest in an undervalued business and receive long-term tax benefits.
Who knows? The bulk of the asset price inflation may be behind us. Or even more significant asset price inflation could still be ahead.
But if you can use some creativity and invest where others are not, you’ll be fine — no matter what happens next.
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Neither this document, nor any content presented by our organization, is intended to provide personal tax or financial advice. This information is intended to be used and must be used for information purposes only.
We are not investment or tax advisors, and this should not be considered advice. It is very important to do your own analysis before making any investment or employing any tax strategy. You should consider your own personal circumstances and speak with professional advisors before making any investment.
The information contained in this report is based on our own research, opinions, as well as representations made by company management. We believe the information presented in this report to be true and accurate at the time of publication but do not guarantee the accuracy of every statement, nor guarantee that the information will not change in the future.
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