Buffett’s lesson from this experiment bears repeating: “Performance comes, performance goes. Fees never falter.” That's Bogle's gift to the industry.
His annual letter to his investors was circulated ahead of the Davos gathering. It cautioned that the political divides can cause calamity.
The sudden pivot also forces traders to rethink views on all sorts of markets and metrics, from Treasury bills to Libor and the yield curve itself.
What they don’t seem to understand is that they’re facing difficult, possibly insurmountable long-term problems that demand much more drastic changes.