Clarification:

I mentioned the book Factfulness by Hans Rosling, and at the end of the section I said:

"(By the way, since investor expectations tend to be pessimistic, I suspect that long-term stock prices are on the low side.)"

This is vague.

What I should have said is that the survey data in this book Factfulness consistently show that people do not know basic facts about improvements in global health and prosperity. Surveys show that people have a consistently negative bias about disease, poverty, literacy, demographic trends, etc. Since consensus expectations are demonstrably pessimistic, this is a bullish long-term indicator for the state of the global economy and global capital markets.

That's not very catchy but it's more accurate.

Rob

Rob