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Arnott on Bubbles and Valuation Gaps

What Goes Up

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Emerging Market Value Screens Very Well, You Know, on Both Axis

Over a hundred billion dollars af tesla changed hands in one block trade at the close of last year. Emerging market value seems to screen very well, im, on both axises. Is there is ther relationship there? Do you think the relationship is actually more in the camp of behaviora finance? And that is a market? Prices are set based on narratives,. Think of it as means a widely accepted a opinions that are shared to an extent that it creates the price.

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