
After the depleting drop off of the last few weeks, this morning we've enjoyed a little bit of a rally in the markets. Of course, the famous question is, is this really just a dead cat bounce? Well, markets price in the future, so have they done pricing it in? Really, nobody knows. So let's switch the conversation from returns to risk. Today's world is very much one of risk selection rather than risk avoidance. What do I mean by that? Well, let's explain by differentiating the different asset classes that are out there and discuss the risk associated with each and every one of them. Your typical risk-free asset is cash. When we talk about putting cash under the mattress, we're thinking, "Okay, that's safe." Of course, if you took $100 in 1920, threw it under a mattress, today, I don't know what it's worth, 10, 20 bucks? It...
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