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No pivot!
The Compound and Friends
Is There a Bull Market in the Stock Market?
I think this inflationary period is closer to like the post World War II inflationary period where you had like huge direct government stimulus to consumers in the form of they actually worked on building planes. The 82 through 2000 bull market and the 49 through 66 bull market were basically both fueled by disinflation. And then you have the big inflationary periods which actually ramp earnings but you have the cost of capital ramping along with it. But we had this like fear of falling bull market here where it was like even though the economy was totally fine in 2010, the Fed just kept pushing pushing like but scar there and farther with you.
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