Sea ChangeIf the right-hand column accurately describes the new environment, as I believe it does, then we’re witnessing a complete reversal of the conditions in the middle column, which prevailed in 2021 and late 2020, throughout the 2009-19 period, and for much of the last 40 years. How has this change manifested itself in investment options? Here’s one example: In the low-return world of just one year a
