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Rekenthaler Report

Five Years Later

The investment landscape after Lehman's Collapse.

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Lessons of the Half Decade
I won't join my fellow pundits in drawing economic, regulatory, and political lessons from Lehman's September 2008 bankruptcy. It may be that the Volcker Rule is sensible; that Fannie Mae and Freddie Mac should be dismantled; and that the Federal Reserve's post-recession response has been appropriate. Or the reverse. It is not for me to know. 

Also, sacrilege as it might be to write, those topics aren't particularly relevant for an investment column. As Bill Gross demonstrated with his 2009 prediction of the "New Normal," which was spectacularly correct in forecasting the sluggish economic future and spectacularly wrong in arguing against buying stocks on the current dip, there's not much connection between economics and investments.  Fidelity Magellan's (FMAGX) Peter Lynch has it right when he said that 15 minutes spent per year thinking about economics was 10 minutes too much. 

John Rekenthaler does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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