The indices for equity markets are roughly 10 times higher
than they were in 1986, unadjusted for inflation and dividends, and the yield on the U.S. 10-year Treasury
note is one-fifth of what it was. Of the top 10 companies by market capitalization in 1986, only General
Electric, AT&T, and Exxon Mobil remain in the group today. Google, Amazon.com, and Facebook were not
even dreams. In 1986, Microsoft, Oracle, Adobe, and Sun Microsystems went public.
Lots of folks seem to
yearn for the past fear change. They really shouldn’t! mm