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What I Learned In 2020 - John Hempton
The Joe Walker Podcast
The Implications of Monetary Policy
The problem is that I'm seeing enormous valuations put on everything, including things that can be competed with. And so the first sort of reason is this is not a capital intensive game subject to competition and some profits could go up for a very long time. The second version of that is of course monetary policy. It's just a bad market for that, but there's plenty of money.
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