What are we smoking, and when will we stop?

01/16/2010 Mises Wire Douglas French

Jason Zweig writes in his “The Intelligent Investor” column in today’s Wall Street Journal. Investors surveyed believe the boom has resumed and they expect 13.7% annual average returns over the next decade.

Zweig does not mention government defined-benefit pension plans that typically assume 8% annual returns and are now according to Orin Kramer $2 trillion short.

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