I’ve posted Entry #22 to my weekly Investing: The New Rules column. It’s titled The Stock Game Is Played with Loaded Dice.
Juicy Excerpt: At times of low valuations, the dice you are throwing has an even number on each of its six sides. At times of moderate valuations, the dice you are throwing has an even number on four or five of its six sides (remember, if valuations remain the same you earn an annual return of 6.5 percent real). At times of high valuations, the dice you are throwing has an even number on two or three of its six sides. At times of insanely high valuations (like those we experienced from 1996 through 2008), the dice has an even number on one of its six sides.
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