"Discount rates vary a lot more than we thought. Most of the puzzles and anomalies that we face amount to discount-rate variation we do not understand."
Dow 36,000, crypto, Brexit, GameStop, pandemic. Imagine you uttered these terms back in the autumn of 2011, when Enterprising Investor first launched. What would they have evoked?
The story of the markets over the last 10 years has been one of remarkable change. Yet economies are still struggling.