Dallas Fed President, Richard Fisher:
I am well aware of the salutary effect of accommodative monetary policy on the equity and fixed-income markets—remember, I am the only member of the FOMC who used to be on the other side. My firms’ record of substantially outperforming the equity and fixed-income indexes over a prolonged period before I hung up my investment business and entered public service in 1997 was achieved by focusing on the long-term fundamentals of the real economy and the underlying value of the securities we purchased or sold—not by depending on central bank largesse. Counting on the Fed to perpetually float returns is a mug’s game.
|Noun||1.||mug's game - a futile or unprofitable endeavor|