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News Link • Economy - Economics USA

Demographics is Destiny: The David Gerstenhaber Interview

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Some good stuff this morning on CNBC from former Tiger Capital manager and Argonaut Capital chief David Gerstenhaber. His most salient point thus far concerns demographics, and the iron-clad math working against US equities. It's as simple as this: In the 60s, young professionals were seeing their salaries increase regularly, with few shocks to scare them, and few substantial costs to plan for. Today: Those same folks have seen their net-worth decline by 50%, they're planning for retirement, and they may have substantial costs related to children and education. Thus the demographics -- which is frequently cited as the guiding force behind the Japanese malaise -- threatens US markets, and the future robustness of the US economy.

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