Argent Quarterly Investment Commentary – June 2017
The two most powerful warriors are patience and time. – Leo Tolstoy
It has been exactly ten years – 520 weeks – since two hedge funds managed by Bear Stearns collapsed after making ill-conceived bets on credit derivatives backed by subprime mortgages. That initiated a painful chain reaction which did not end for nearly two years, leaving Bear Stearns, Lehman Brothers and countless banks in their wake. But from that fall an economic expansion began in 2009 which continues to this day – our third longest economic expansion since the end of World War II.