It may not feel like it, but now is the right time to be building
Unexciting projects have exciting consequences (and cures) for economic imbalances such as unemployment
You can make real money when you buck the trend, when you challenge conventional wisdom. Of course you have to be right when everyone else is wrong, which doesn’t happen often. Sometimes, though, you simply have to take advantage of mispriced assets.
Negative interest rates are actually an invitation to invest, even though their root cause may indicate reluctance to do so. When we start paying banks to look after our money, it is surely because we can’t find anything else to do with it, or simply don’t have the confidence to take the risk. This prevailing lack of confidence affects companies in the business of capital projects, such as construction companies, where we can already see the fallout.
On the other side of the consequence scale, with such unattractive yields in bonds, money is driven into equities, inflating prices and earnings multiples to a point where it is difficult to find value there...