Notes from:
Tony Boeckh / Rob Boeckh
www.BoeckhInvestmentLetter.com
Date: January 16, 2012

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The 1945-2007 period was wonderful in almost every way, particularly for investors and it was common to assume that this was “normal”. However, it was anything but in historical terms for many reasons. One of the most important reasons is that over most of those 62 years, there was a debt-fuelled artificial growth in incomes and particularly wealth in the form of housing and equity asset inflation (Chart 1).

Chart 1

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