Involution is what happens to astronauts’ muscles when they spend too much time in space. Without the discipline of pushing against gravity, the muscles wither away over time. What happens to astronauts at zero G, also happens to the capital stock at zero interest rates. This session looks at why that could lead to higher interest rates over time, and why passive investing is precisely the wrong investment strategy in such an environment.

In this webinar, which some of you attended, I missed a very important point in my oral presentation. Consequently, I would suggest you read the brief clarification attached with the presentation slides.