The writer is chief executive and chief investment officer of Richard Bernstein Advisors
Every introductory economics student knows that prices go up when demand outstrips supply. Accordingly, investing in scarcities has typically been a good longer-term strategy.
The economic term “scarcity” is often used to describe physical capacity or resources, but the stock market has historically taken a broader view. Earnings growth, for example, typically becomes limited during profit recessions, so valuations expand for those companies that can continue to increase earnings despite the challenging backdrop.
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