If I hear a talking head say, “the easy money has been made” one more time, I might lose it.
If it were so easy:
-Why didn’t you leverage the bet 4x?
-Why didn’t you tell us about it three years ago?
-Why does no one ever say, “the easy money has been lost”?
The reality of investing is rarely “easy.” In fact, a much more accurate phrase for the current market would be: “The hard money has been made.”
Look at the performance of foreign value since the start of 2025. It has significantly outperformed the US market. But to capture those returns, you had to:
-Be early. (Which feels the same as being wrong for a long time.)
-Ignore the “S&P 500 envy” of the last 15 years.
-Endure the “hard” periods of underperformance and client capitulation.
Almost no one times the bottom perfectly. Investing in great strategies when they are out of favor is one of the hardest things to do, and many investors capitulated long ago. Only those who endured the “hard times” of being out of favor are being rewarded now.
So, the next time someone toasts your recent returns, smile and tell them the truth:
“The hard money has been earned.”
