The Brexit vote sent investors scrambling to buy the security of government bonds — driving up their prices and depressing their yields when both were already
near historic extremes.
Those differences are informative, because they highlight points where market valuations — instead of normalizing —
reached historic extremes at the end of the 10 - year projection horizon (1974, 1998 - 2000 and 2015, respectively).
She was also pushing the view that absence of satellite records may mean past events were missed without recognising that it actually weakens her arguments concerning the relative frequency of modern to
historic extreme events.
The infatuation with growth at any price has reached
an historic extreme, as shown, and sets up for a reversion to the mean, which should be meaningful for value investors.