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You don't get rewarded for taking risk; you get rewarded for buying cheap assets. And if the assets you bought got pushed up in price simply because they were risky, then you are not going to be rewarded for taking a risk; you are going to be punished for it.
— Jeremy Grantham
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I certainly agree that capital is not a one-dimensional object, and that the return on capital takes very different forms for different assets or different people.
— Thomas Piketty
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