The Market Doesn't Know Where To Go: There Are Bubbles, And Then There Are Bubbles

Core Insights - The article discusses the current uncertainty in the market, highlighting the presence of bubbles and the challenges in determining the direction of investments [1] Group 1: Investment Strategy - The focus is on long-term investment in U.S. and European equities, particularly undervalued growth stocks and high-quality dividend growers [1] - Sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, is emphasized as a more reliable driver of returns than valuation alone [1] Group 2: Personal Investment Philosophy - The investment approach is influenced by a desire to ensure financial freedom for future generations, aiming for a balance where there are enough assets to allow for personal expression and choice in work [1]