Redefining Masochism January 1, 2004 Dear Investor: The most massive fiscal and monetary stimulus in history has revived the economy. The new risk is inflation. The current state of affairs is the opposite of the stagflation of the 1970’s: enormous global growth paired with moderate inflation—a cure that has bailed out the world from the worst market collapse since the Great Depression. This period is most reminiscent of the period from...