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Where is the Crash?

The Compound and Friends

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The S&P Net Profit Margin

We're seeing a fairly steep decline beginning to roll through. I just think there's been a little bit of that on the beach, sort of the summer before the war. Commercial real estate, real estate stocks are down 80%. But the cost of capital is everywhere. It's not just debt. It's P.E.s. and what people were willing to pay for earnings 10 years later.

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