IT'S OKAY TO SAY 'I DON'T KNOW'

摘要

"I don't know." These three words don't inspire a lot of confidence in the messenger and probably will not get me invited onto CNBC, but that is exactly what I think about the topic I am about to discuss. I received a few e-mails from people who had a problem with a phrase in one of my blog posts this fall. In that article I examined various risks that other investors and I are concerned about.The phrase was "the prospect of higher, maybe even much higher, interest rates." These readers were convinced that higher interest rates and inflation are not a risk because we are not going to have them for a long, long time, that we are heading into deflation.These readers basically told me that I should worry about the things that will come next, not things that may or may not happen years and years down the road.