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3min chapter
Bearish but Priced In
The Compound and Friends
The Secular Bull Market
We've been in a secular bull from 1980 82 all the way to the last year exactly. What we see is that periods of above average inflation if the inflation if the average inflation rates 3% going back 150 years tend to favor value stocks. Commodity sensitive stocks commodities tend to outperform financial assets in those periods PEs tend to come down, but valuations so far we've seen that yes. There's a really nice cyclical Super cyclical pattern there.
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