Opinion: The age of scarcity is here. Invest in companies that make what people need — not what they want.
Epochs determine investment scope and returns. Today, Thomas Malthus may be more relevant for investors than Graham and Dodd. Historically, wealth accretion was tied to economic growth. In the 1980s as GDP per capita, especially in developed economies, stagnated, this relationship decoupled and was augmented by debt and financial engineering. Explicit or embedded leverage amplified…