Joachim Klement – Stocks in the long run… are still risky (The Best Investment Writing Volume 6)

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 24 August 2022

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today’s episode features Joachim Klement reading his piece, Stocks in the long run… are still risky. Joachim is a trustee of the CFA Institute Research Foundation and offers regular commentary at Klement on Investing. Previously, he was CIO at Wellershoff & Partners Ltd., and before that, head of the UBS Wealth Management Strategic Research team and head of equity strategy for UBS Wealth Management. The Best Investment Writing series features top research pieces that we’ve shared via The Idea Farm in the past year. Subscribe here so you get these sent to you each week. Check out the past series of The Best Investment Writing below: Volume 5 Volume 4 Volume 3 Volume 2 Volume 1 ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by Stream by AlphaSense. Stream is an expert transcript library used by people just like you to quickly perform preliminary diligence on new ideas related to their target companies in the tech, media, telecom, healthcare, consumer and industrial sectors; avoiding the time, hassle, and cost of traditional expert network calls. With over 15,000 on-demand expert call interviews, 100+ new transcripts added each day, AI smart search technology, and 70% of our experts unique to our network, it's no wonder the world's leading financial firms choose Stream. Sponsor dollars for the entire Best Investment Writing series are being donated to the charity of the guest’s choice. Today’s sponsor dollars are being donated to the Vincentian Society for the Prevention of Cruelty against Animals (VSPCA) on behalf of Joachim Klement. ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome podcast friends. We're back with volume six of the best investment rioting
0:12.2	series each year our team carefully sorts
0:15.0	through tons of research and investment letters from some of the most
0:18.2	respected money managers and investment researches from all over the world to
0:22.3	pick the best of the best to share with you.
0:24.4	We offer the authors of those pieces the chance to record an audio version as a segment of
0:29.1	the podcast. Past participants included the likes of Cam Harvey, Larry Sweedro, and Rob or not.
0:35.0	Enough for me. Let's get to our guests and let them take over this special episode.
0:40.0	Hi, this is Yacham Clement, I'm the head of Strategy at Liberum.
0:45.0	Liberum is a UK brokerage firm based in London,
0:49.0	specializing in small and medium-sized companies.
0:51.0	To learn more about us us you can find us at
0:53.8	W.W. by Alpha Sense for sponsoring today's episode. That money is being donated to the Vincentian Society for Prevention of Cruelty against Animals, an animal welfare organization based in St Vincent and the Grenadines, one of the poorest countries in the Caribbean.
1:15.0	Now let's go into the episode. I'm going to read a piece titled Stocks in the Long run are still risky.
1:25.0	By now the cliche of stocks being less risky in the long run
1:30.0	has been criticized heavily.
1:32.0	I've done my bid, for example, but it is still common in the United States
1:37.4	and to a lesser extent in the UK to hear that if you hold stocks for 10, 20 or 30 years, you're going to make money.
1:46.0	The problem just is that while you are more likely to make money,
1:50.0	the probability that your stock market investment is going to end up in a loss after inflation
1:57.1	remains much higher than many investors think. The main reason for this overly optimistic assessment of long-term stock market returns in the United States and the UK is the inherent selection bias when looking at these two stock markets.
2:14.1	A group of researchers has recently re-examined the returns of stocks in 39 developed countries
	...

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