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Bearish but Priced In

The Compound and Friends

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The Reversal in the Two Year Yield

When we talk about inflation you're talking about weight of change whether it's year over year or month over month So we're saying six percent two percent five percent when you talk to a regular person on the street They're not thinking in weight of change They're thinking in price. That is slower inflation I think most of Congress probably doesn't even understand this this difference And I understand why they don't understand it because everybody thinks in terms of like the prices They pay in their real life Prices don't go down if you went to Peter Luger's in 1985 for a stake You will never ever no matter what inflation does pay that same price again. The question is how much a year does the

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