Look at the markets today: every asset class is horrifically expensive, but there are no better options, so they’re what you’re stuck with. Like €9 sandwiches at the airport. Given that stocks are almost as expensive as they’ve ever been, I said in The Currency’s investment email that it looks like you could reasonably expect to make at most five per cent per year over the medium term. That’s lower than the seven per cent or so the stock market has historically returned. Not great, but as I said, it beats the return from not investing at all. I got…

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