• Kenneth Rogoff


September 8, 2021, Opinion: "Journalist James Glassman and economist Kevin Hassett took to these pages in March 1998 to dismiss concerns of a stock market bubble and offer a rationale for why stocks could still go a lot higher. That was already sticking their necks out. But then they stuck them out further, arguing—with many qualifications—that over the long run the Dow Jones Industrial Average could go to 35000. Their simple policy advice: Buy a diversified portfolio of stocks, and don’t put too much money in bonds. Over the long run, stocks offer a higher return without significantly greater risk. Their basic rationale, which depended on investors gradually coalescing around their view, was that stocks had to rise as the market risk premium came into line with empirical reality. " Read Via The Wall Street Journal

Non-HKS Author Website - Kenneth Rogoff