@MebFaber ↔ @LukeGromen conversation
Meb Faber@MebFaber
13 views
Aug 06, 2026
~1 min read
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Meb Faber@MebFaber
One day, years from now, when the stock market is flat or down, you'll look back on this magical period of market returns and tell your grandkids, "The market returned 15% per year...it just went up year after year after year..."
Grandkid: "Wow, the good old days. What did it feel like?"
You: "We were all miserable"
Grandkid: "Wow, the good old days. What did it feel like?"
You: "We were all miserable"
Luke Gromen@LukeGromen
IMO this chart goes a long way in explaining that:
Blue = UMich Consumer Sentiment (RS1)
Red = SPX (LS)
Green = SPX priced in gold (real terms) (RS2)
Stocks are up while people are miserable because post 2018, inflation is driving stocks & misery (& gold.)
Blue = UMich Consumer Sentiment (RS1)
Red = SPX (LS)
Green = SPX priced in gold (real terms) (RS2)
Stocks are up while people are miserable because post 2018, inflation is driving stocks & misery (& gold.)
