Challenging our underlying assumptions and biases

The book: The Great Stagnation by Tyler Cowen.

The book is very short and while its not an investment book it does challenge some underlying assumptions that people may have when considering investments and when assessing the principles of value investing and present market conditions. The book looks at the 'low hanging fruit' that the US was able to harvest in the 20th century to grow at high rates of return, from free and plentiful agricultural lands to innovations that have remained fundamentally unchanged since, from cars to air travel to flushing toilets. The thesis should make us consider the possibility of much lower rates of return in the future and perhaps also then reconsider what rates of return may be possible or acceptable without pointing towards a bubble. An example might be - is a CAPE of 30 still going to be exceptionally overpriced in an environment where long term rates of return remain depressed?
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