Successful stock picking in a low rate environment, page-8

the core of Marcus comment was that the bond market is implying that for the next decade, maybe looking at no or low growth. In the short term with the cost of money at zero or more or less non liquid assets jump. But what happens in the mid term? is the more interesting question. Will non cash assets appreciate in value without inflation? Interesting times. Maybe the investor will be overpaying for capital yield ? You will most probably need to be very very good at stock selection, pick the right themes or companies in the new economy with pricing power.
I look upon Telstra twofold firstly as a bond with yield no shame in that,my opinion. Also a company of the new economy an internet infrastructure stock. Smartphones are the new PC, providing cloud , data services etc.
cheers interesting times ahead