Historically there is no relationship between a country's GDP growth and the return from its equities; China's economy vastly outgrew America's since February 1992 yet the MSCI China index is lower today than then, and backing the GDP winner (the US) since 1992 produced far higher returns than the faster-growing economy.

causalpending

Speaker

Russell Napier

Evidence Quote

is there a better example of why economic growth doesn't necessarily deliver you good returns as an equity investor?

Source

Russell Napier: Gold Is Screaming a Warning (But No One’s Listening)The Meb Faber Show
Created: 6/18/2026, 1:59:14 PM

My Notes

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