It can help to explain not only why some of the supposed
iron laws of politics failed to hold, but also the changes in the electoral map from 2015.
The
new iron law of energy development must be: if you wouldn't want it in your backyard, then it doesn't belong in anyone's backyard.
But from his years as a prosecutor, Giuliani surely knows one
iron law about tapes and leaks: There are always more.
The past several years of quantitative easing and zero interest rate policy have not bent that
Iron Law at all.
In the introductory text for Part I of their 2016 book, Adaptive Asset Allocation: Dynamic Global Porfolios to Profit in Good Times — and Bad, Adam Butler, Michael Philbrick and Rodrigo Gordillo state: ``... we have come to stand for something square and real, a
true Iron Law of Wealth Management: We would rather lose half our clients during a raging bull market than half of our clients» money during a vicious bear market.
As stock prices rise, prospective returns drop (
Iron Law of Valuation).
Over the years, I've emphasized what I call
the Iron Law of Valuation: the every security is a claim on an expected stream of future cash flows, and given that expected stream of future cash flows, the current price of the security moves opposite to the expected future return on that security.
This follows from
the Iron Law of Valuation — the higher the price an investor pays for a given stream of expected future cash flows, the lower the long - term return one should expect.
In fact, the measure we've found best correlated with actual subsequent 10 - year S&P 500 total returns is simply the S&P 500 price / revenue ratio (for more on these points, see Margins, Multiples, and
the Iron Law of Valuation).
This adjustment has historically been important, as adjusting for that embedded profit margin significantly improves the relationship between the CAPE and actual subsequent market returns (something we can demonstrate both with algebraic return estimates and regression models — see Margins, Multiples, and
the Iron Law of Valuation).
Put another way, in order for the holder of any security of spend out of that investment, the security has to be sold to another investor who locks in the identical amount of funds (
Iron Law of Equilibrium).
I've often called
it the Iron Law of Valuation: the higher the price you pay today for a given stream of future cash flows, the lower your rate of return over the life of the investment.
As holders of monetary base try to get rid of their hot potatoes by purchasing Treasury bills, T - bill prices rise, and (per
the Iron Law of Valuation) their yield declines.
Blowing Bubbles: QE and
the Iron Laws John P. Hussman, Ph.D..
Together,
the Iron Laws help to explain the mechanism behind quantitative easing.
There are
no iron laws when it comes to the 200 - day moving average or with any other stock market indicator.
Well,
the Iron Law of Equilibrium ensures that the base money will stay base money until it is retired by the Fed.
As long as investors aren't too concerned about the risk of capital losses - that is, as long as investors are in a risk - seeking mood (
Iron Law of Speculation), a mountain of zero - interest hot potatoes will also embolden investors to chase yield further out on the risk spectrum, for example, in junk debt, stocks and mortgage securities.
There are
iron laws of economics.
At the same time, markets are markets and anything that is traded eventually has to comply with
the iron laws of economics.
For more on this regularity, see Margins, Multiples, and
the Iron Law of Valuation.
I've called
these The Iron Law of Valuation, and The Iron Law of Speculation.
This is as clear and simple as
the Iron Laws can get.
Through the recurrent bubbles and collapses of recent decades, I've often discussed what I call
the Iron Law of Finance: Every long - term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time.
It Is
an Iron Law of Finance That Valuations Drive Long - Term Returns.»
Go back to
the Iron Laws.
First, the «returns on equities» here are typically taken to be earnings yields, which as we've frequently noted, are affected by cyclical variations in profit margins that make them notoriously poor indicators of long - term prospective returns (see Two Point Three Sigmas Above the Norm and Margins, Multiples and
the Iron Law of Valuation).
(Given
the iron law of oligarchy and the dysfunctional culture of niceness that dominates religious discourse, the answer is, «not much.»)
As far as
the iron law of dharma goes... well, it is quite extraordinary how liberal classical Thai culture's moral expectations of its gods could be.
Pentecostals live, in other words, by what George Weigel has called
the Iron Law of Christianity in Modernity: Christian communities that maintain a firm grasp on their doctrinal and moral boundaries can flourish amidst the cultural acids of modernity; Christian communities whose doctrinal and moral boundaries become porous (and then invisible) wither and die.
Even when Jesus raised up the dead, he simply delayed the consequences of
the iron law of existence.
The former reflects what Roberto Michels called the «
iron law of oligarchy» — the ability of a bureaucracy to maintain itself even against the will of a majority of constituents and their elected representatives.
Here too the «
iron law of oligarchy» has been brilliantly in evidence, much to the bewilderment of the bishops.
It can not be denied that the Christian faith can inspire worldly success, but it is - also an «
iron law» of church history that Christians don't seem to handle success any better than unbelievers.
For
the iron law of progress is that its cost necessitates the radical disordering of nature as we received it, and its rearrangement after the image of our perceived interests.
Friends, I have come to tell you that this beet cake is proof that what I had taken as
an iron law of gluten - free vegan dessert is simply not so.
As RAE research fascinates parents of athletic children, I suspect that there is no «
iron law» greater than a child's love of sport.