Kass: Investors Have Lost Their Innocence

This blog post originally appeared on RealMoney Silver on June 23 at 7:39 a.m. EDT.

"I used to be Snow White -- but I drifted."

-- Mae West

For over two decades, with the possible exception of the aftermath of the speculative bubble of the late 1990s, equity investors have been comforted by the notion that nearly every dip has been a buying opportunity as the U.S. economy has typically recovered relatively swiftly from economic and credit, geopolitical, systemic and assorted exogenous shocks. And for over two decades, fixed-income investors have been comforted by the tailwind of disinflationary influences, which provided excellent absolute and relative returns in bonds. ...