Probabilistic Investing

The only thing that makes sense for long haul commitments right now is "Own the cash flow" which means private equity or some other form of direct (as opposed to 'portfolio') investment.
From Mebane Faber:

My readers are probably tired of my droning on about valuations in the US and abroad (if you’re new here, short summary: US is expensive, and the rest of the world is cheap)...MORE